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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Can you still file bankruptcy chapter 13 after you have received

Resolved Question:

Can you still file bankruptcy chapter 13 after you have received a sale date for your home and obtain a stay on the forclosure to buy you more time to obtain the funds to reinstate your loan ....if yes how much time does that buy you in the state of new york? thank you for your patience.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Yes - you can stop a foreclosure sale, at least temporarily, if you file a Bankruptcy at any point before the house is actually solb.

Customer:

hello sir

cfortunato :

solb should be sold.

Customer:

so if i receive a sale date ....i can apply for bankruptsy 13 and get a stay....how long does it take to be approved what is the time line.

cfortunato :

Even if you have already received the sale date, you can stop the sale if you file at any point before the sale. The sale must stop as soon as you file. You get the receipt of filing within one hour of going to the Bankruptcy court.

Customer:

and if approved before the sale date how much time does that buy me to come up with the funds to reinstate the loan.

cfortunato :

So, basically, you can file up until the day before the sale.

Customer:

how much time does that buy me after i get a stay to come up with the funds to reinstate my loan

cfortunato :

When you file a Chapter 13, you are allowed to pay the mortgage arrears over a 5-year period - in addition to paying the regular mortgage payment every month.

cfortunato :

You have to make the first payment one month after filing the Bankruptcy.

cfortunato :

I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer:

thank you very much ...you have eased my concern greatly...thank you for you time

cfortunato :

You're welcome!

cfortunato :

Please don't forget to hit the "ACCEPT" button.

cfortunato :

Thank you.

Expert:  cfortunato replied 5 years ago.
Before you leave, please don't forget to hit the "ACCEPT" button.
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