QUESTION
Do all buyers have to declare bankruptcy to stop foreclosure?
Asked on Nov 21st, 2014 on Bankruptcy - Michigan
More details to this question:
With seller financing of a home, do all buyers (husband and wife) need to declare bankruptcy in order to stop the foreclosure process or can just one stop the sale? What if there was a third party on the loan, but not on title to the property?
2 ANSWERS
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
One should be sufficient in most cases. See a bankruptcy attorney well before the sale.
Answered on Nov 24th, 2014 at 5:38 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
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A bankruptcy stay is only effective as to the person filing the case, and generally might slow, but will not permanently stop a foreclosure. More details are necessary for specific advice and opinions.
Answered on Nov 24th, 2014 at 5:37 PM