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Bankruptcy and Foreclosure

What is a foreclosure?

A foreclosure is a process where an individual, also called as the lender, tries to get the balance amount of his/her loan from the debtor legally. In most cases, the debtor may have stopped making payments to the lender. Many times people may resort to bankruptcy to avoid foreclosures. In such a situation, it is important to understand how bankruptcy and foreclosure work and what the foreclosure process is. Given below are popular questions about bankruptcy and foreclosure.

Can a Chapter 11 Bankruptcy Stop the Foreclosure of HOA Dues?

A chapter 11 bankruptcy may not stop the foreclosure of HOA dues. In most cases, chapter 11 bankruptcies may be used for business purposes. If an individual wants to stop the foreclosure of HOA dues, he/she may do so by filing for chapter 13 bankruptcy before the foreclosure sale.

Can a Foreclosure be Stopped just two days before the Foreclosing Process?

If an individual wants to stop a foreclosure two days before the process, he/she may get a pre filing certificate online and may file a skeleton chapter 13 bankruptcy. Once the foreclosure is stopped, he/she may complete the paperwork for the bankruptcy.

Can an Individual File an Emergency Chapter 7 Bankruptcy to stop a Foreclosure?

An individual may file an emergency chapter 7 bankruptcy before the foreclosure sale to stop the foreclosure. A notice of the bankruptcy case filing may be given to the trustee or company that is conducting the foreclosure sale. However, if the documents that are required for chapter 7 bankruptcies are not submitted to the court within 15 days of filing the bankruptcy, it may be dismissed by the court.

Can an Individual include the Mortgage Payment on Schedule J of Chapter 7 Bankruptcy if the Foreclosure of his/her home has already begun?

An individual may include the mortgage payment on schedule J of a chapter 7 bankruptcy provided he/she intends to keep the house and make the payments to the debtors that he/she may list as expense on the schedule.

Can a Bank Foreclose a Loan after a Chapter 13 Bankruptcy is discharged?

If an individual had filed for chapter 13 bankruptcy, it may stop the foreclosure of the loan immediately. It may also permit the borrower to pay the arrearage on the home over a period of five years. In most cases, the bank may not foreclose the loan after five years once the bankruptcy is discharged as the loan would not be default any longer.

Would it be difficult to recover from a Chapter 7 Bankruptcy or a Foreclosure?

In most cases, a chapter 7 bankruptcy would be easier to recover from as a person would have no debt once a chapter 7 bankruptcy is discharged. A foreclosure will require the debtor to pay off any unpaid portion of the equity loan.

For how long does a Chapter 7 Bankruptcy Delay Foreclosure?

Bankruptcy and foreclosure processes may be different in different states of USA. In some states like New York, a chapter 7 bankruptcy may delay the foreclosure for three to six months depending on whether the mortgage company files for relief from stay or not.

What can an Individual do if a Debt Collection Agency contacts him/her for a Second Mortgage after a Foreclosure?

If a debt collection agency contacts an individual for a second mortgage even after a foreclosure, he/she may send the agency a copy of the bankruptcy petition that had a list of the creditors informing them that the debt was discharged. The debt collection agency may not be able to collect the money from the individual’s bank or savings accounts.

Having information about bankruptcy and foreclosure can help individuals take a decision on whether to apply for bankruptcy to avoid a foreclosure or not. Bankruptcy may be used to protect an individual from foreclosure if he/she has the right amount of knowledge about both bankruptcy and foreclosure.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Foreclosure Questions

  • I am exploring my options as the current house I am living

    I am exploring my options as the current house I am living in is not affordable to me.
    I understand that if I file for bankruptcy, I will have to wait for at least 2 years before I could apply for any mortgage for a smaller, less expansive house that I can afford. What about Deed-in-Lieu of foreclosure? If I do that and bank accepts it, will I have to wait for two years as well? Do bank usually accept Deed-inLieu?
  • Car repo and ch 13 dismissial possible refile as ch 7

    I filed ch13 bankruptcy in Nv jointly with my husband. The husband and I split so I since moved to Hi. We stopped paying the plan it got dismissed he didn’t care about losing the home. The problem is I earn less and between moving  I am behind on car payments the car just got repo’d. I had planned to file ch7 after I got enough money but I’m too late…I need to if I should try and file ch7 if so will this be for Nv since I haven’t been in Hi for long or just cure the amount owed on the repo ( the only way would be to take a hardship withdrawal from the 401 k and they may not even allow that for this reason. I   have a nominal amount of money about 1000 that I could put towards either and not sure what to do first.

     

    the car in question was apart of the ch 13 plan and had arrears prior to filling to further complicate matters

  • I filed a bare bones chapter 7. That stayed my foreclosure

    I filed a bare bones chapter 7. That stayed my foreclosure sale that was scheduled. Now the banks atty filed a motion in the bk court to release the stay. It is to be heard dec 4th. Now I never followed through with the chapter 7 and never filed the rest of the papers because I decided maybe to not go through with it and I also I learned that it is actually a chapter 13 I wanted to file, so I am considering that now. Now my question is should I defend this motion the bank has or there is no point since judge will grant since I did not comply and file the rest of the papers within the required time anyway.
    Should I not file an opposition and just start the chapter 13 or should I file an opposition to the motion and then file the chapter 13?
    Which of these will give me the most time to keep it stayed for now as long as possible until I decide? Also, when would my motion in opposition need to be in bk court by? Does the judge usually decide that day?
    Does the banks atty then need to file a motion after bk court then in supreme court in order to set a new sale or are they able to just set a sale date right after bk decision?
    Thanks
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