QUESTION
Hi. I am writing because I am in the process of buying a home and the seller filed for bankruptcy. How long does that normally take?
Asked on Sep 16th, 2017 on Bankruptcy - New York
2 ANSWERS
1 Award
Call the trustee of the seller. The trustee can consent to the sale, and move it along even though the bankruptcy is pending.
Answered on Sep 21st, 2017 at 1:03 PM
Residential Real Estate Attorney serving Commack, NY
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Howard E. Knispel, P.C.
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That depends on the type of bankrupcty. A Chapter 7 bankruptcy, under normal circumstances can take 3-4 months. A Chapter 7 bankruptcy normally can take up to 5 years, but you can purchase the property while it is pending, with permission of the bankruptcy judge.
Answered on Sep 18th, 2017 at 8:05 AM