QUESTION
Can I prevent foreclosure by getting a bankruptcy?
Asked on Feb 22nd, 2011 on Bankruptcy - California
More details to this question:
How long can I drag out a chapter 7 bankruptcy? I'm about to get a foreclosure letter and I'm laid off my job, subject to recall, but don't know when I'm looking for work .I'm bargaining for time to get a job.
6 ANSWERS
Bankruptcy Attorney serving Orange, CA
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Goodman & Dicus LLP
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Chapter 7 bankruptcy's automatic stay won't prevent foreclosure if you've fallen behind on your mortgage payements. At most, it will postpone foreclosure for a few months. In many cases, the lender will just wait out your bankruptcy (a few months) and then proceed with the foreclosure. About the only way Chapter 7 bankruptcy can help you keep your home for the long haul is by discharging your other debts, which will allow you to devote more money to getting current on your mortgage to prevent foreclosure. Also, if your property has sufficiently decreased in value, Chapter 7 bankruptcy can effectively eliminate the need to pay your second and third mortgages.
Answered on Apr 07th, 2011 at 4:09 PM
You can delay a foreclosure by filing bankruptcy. The amount of the delay depends on many factors including, but not limited to, the type of bankruptcy that you file ( Chapter 7, 11 or 13), whether or not the lender brings a Motion for Relief from Stay, and whether or not you are able to make any payments to the lender after the filing of your bankruptcy petition. A typical Chapter 7 takes 4 months start to finish. Asset cases may take longer. For specific advice about the facts of your case, call me for a free consultation.
Answered on Feb 27th, 2011 at 4:47 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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A bankruptcy can delay the loss of your home through foreclosure but you will still lose the home if you are unable to work out something with the bank that will allow you to roll the past due amount back into a new loan that you reaffirm on the other side of bankruptcy (before the trustee sale). That said, I'd be happy to help you if you are looking for the assistance of an attorney. Please contact me for a free consultation.
Answered on Feb 23rd, 2011 at 1:58 PM
William C. Gosnell
Bankruptcy takes between 90 days and 120 days. After its over you have no protection but it will buy you a little time.
Answered on Feb 23rd, 2011 at 1:58 PM
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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You might want to do a Chapter 13 to try to save your home. Chapter 7 will stop the sale (as does Chapter 13) but Chapter 7 will not give you the opportunity to pay the amount of the payments not made over a period of up to five years. You can fight for the house a lot longer in a Chapter 13.
Answered on Feb 23rd, 2011 at 1:58 PM
Yes. Many, many months.
Answered on Feb 23rd, 2011 at 1:57 PM