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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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i filed for a skeleton bankruptcy chapter 7 with the purposes

Resolved Question:

i filed for a skeleton bankruptcy chapter 7 with the purposes of stopping a foreclosure sale date on a second home and to be able to continue with short sale proceedings? My questions are- a)can I still continue to try and sell my house in a short sale even after this bankruptcy? and b) am I in danger of losing my first home that is completely paid off? I live in Florida and have Homestead Exemption on my first home.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
Hi and thank you for your question.
The chapter 7 filing will only buy you a few weeks. The lender will bring a motion to modify the automatic stay, which the court will grant. This will allow the foreclosure to pick up where they left off. During the case, you would need to get court approval to sell, since the asset is part of the bankruptcy estate. Then, you would also need to get the lender to approve the short sale by agreeing to take less to close the deal. IF the court allows the exemption on the home, then you will not lose the home.
Customer: replied 4 years ago.
thank you! that is kind of good news......but my intentions are not to continue filing for bankruptcy, so wouldn't that mean that an official bankruptcy never goes through and gets dismissed due to lack of paperwork?
Also, you forgot to answer the second part of my questions- maybe I wasn't clear though.....am I in danger of losing my first home- can they come after that since it has equity and is completely paid off- or am i protected? the house in question in foreclosure that I am trying to short sale is a second investment property of mine...thank again for your quick response...
Expert:  Terry L. replied 4 years ago.
IF you do not have a case #XXXXX then you do not need to continue filing. Once the petition is on file with the court, even a skeletal, it has to run it's course, thru discharge, or could be dismissed if all of the documents are not filed as required.

I did answer the 2nd question, if you have filed the bankruptcy, and the court allows the exemption you use for your homestead (you can google Florida bankruptcy exemptions to pull up what is available) then it will be protected.

Thanks and good luck to you.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2567
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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