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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2831
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have a purchase and sale Agreement in place for my house,

Resolved Question:

I have a purchase and sale Agreement in place for my house, but the bank has schedule a foreclosure sale before the closing will take place. The bank refuses to stop the proceeding Can I file a bankruptcy and later dismiss if I can sell it?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
hi.
A bankruptcy can stop a foreclosure.
Chapter 7 would only stop it momentarily, then the lender will move to ask the court permission to continue.
Chapter 13 is a debt consolidation, whereby you can cure the arrears and pay off other consumer debt, sometimes as low as 10 cents on the dollar.
During a chapter 13, you can get permission to sell. Normally, proceeds received after the sale can go to pay off your chapter 13 if there are funds available.
Technically, you can then bring a motion to voluntarily dismiss the case, but usually not recommended, as you can pay off the bankruptcy to discharge your other debts.
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