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You should, of course, consult with a local attorney. I can tell you from working in a trustees office that forecloses on property, you can file bankruptcy and the sale will be put on hold until resolution. Just because you file bankruptcy, however, doesn't mean your house is safe. The creditor can file a motion for relief telling how far behind you are and such. Most likely, there will be some kind of work out in the form of a consent order which outlines an agreement in which you are to become current and states what is to happen if you default on the agreement. Some have notice of default clauses that mean if you fall behind, the creditor has to file such with the court and give you a specified time to catch up. Some state that if you default on the agreement, there is automatic default and the creditor can proceed with foreclosure. In short, filing bankruptcy can delay the foreclosure, but ultimately, it's up to you to come current after filing or something will be done.

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โˆ™ 2006-02-24 12:54:11
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Q: Can you file bankruptcy to save your house if it is going to foreclose in 10 days?
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Related questions

If you are 30 days late on a house payment can the bank take your house when filing chapter 7?

Don't hold me to this, but I don't think they can just take it back for being thirty days late. I think they would have to foreclose on your house first. Or get a judgment lien against your house first.

Once your bankruptcy case is dimissed can your creditors immediately repossess your vehicle or foreclose on your home or do they have to give you 10 to 14 days to file a motion to reopen the case?

Your creditors do not need to reopen the case. In most instances your car and home lenders will be secured creditors- the house and car serves as collateral for the loans. In a bankruptcy the promissory notes for both types of loans are dismissed, but not the liens- the liens survive the BK. So you can keep the house and car, even if you dont re-affirm these debts, as long as you keep making the payments. If you dont, the lender is then able to repossess the car or foreclose on the house- without having to repoen the BK case. A foreclosure would take several weeks to do (more than 10-14 days). But im not sure about car repossessions. But if there is no state mandated period to notify the debtor, then they would be able to repossess with little to no warning.

How soon will a bank repossess a home?

Banks can foreclose in as short as 90 calendar days.

How long will a bankruptcy stay on your credit report in Minn?

7 days

What steps do you take to file for bankruptcy?

You have to get a lawyer, file for bankruptcy, meet with creditors and wait 60 days for them to decide whether or not to file a lawsuit.

If you are thirty days late on a non-reaffirmed mortgage will they foreclose on your home?

30 days generally will not cause a foreclosure. If the debt continues to be 30 days in arrears over months are foreclosure will happen at some point.

Can you stop the property from going to foreclosure 2 days before it will be foreclosed on?

Yes, by paying the back payments. Also, filing bankruptcy prior to the foreclosure will normally put a hold on the foreclosure proceedings.

If you received inheritance after bankruptcy can a creditor with a secured promissory note go after it?

If you receive an inheritance within 180 days after filing bankruptcy, it becomes the property of the bankruptcy estate and the Chapter 7 trustee can distribute the proceeds for the benefit of creditors.

Which taxes are not eligible for bankruptcy?

Payroll taxes and penalties for fraud are not it is not eligible for bankruptcy. If the debtor filed a tax return for the relevant tax years at least two years before filing, then it is not eligible for bankruptcy. If the tax debt is from a tax return that was originally due at least three years before filing for bankruptcy then it is not eligible for bankruptcy. If the IRS assessed the tax debt at least 240 days before the debtor filed for bankruptcy, then it is not eligible for bankruptcy.

When will your bankruptcy be discharged after filing chapter 7?

Short Answer: Approx 90 days Detailed Answer: Once you file Chapter 7 Bankruptcy, you will receive a notice to attend a 341 Creditors Meeting which is scheduled approx 30 days after you file. If there has been no issues with your Chapter 7 case and no requests from the Trustee for further documentation you will receive, in approx 60 days after your 341 creditors meeting, a "Notice of Discharge" from the Bankruptcy court.

If you received an inheritance in 2003 and put it in a grandchild's account will that be included in a 2005 bankruptcy?

No. The general rule is only assets transferred 90 days prior are subject to bankruptcy inclusion.

When was My First Days in the White House created?

My First Days in the White House was created in 1935.

How do you remove a bankruptcy from your credit?

You can dispute a bankruptcy to the credit bureaus. This gives them 30 days to verify it with the courthouse that filed it or it must removed from your credit report. This would only be the bankruptcy, not the items included in bankruptcy. You would have to dispute them separately. Answer No, a bankruptcy cannot be removed if you actually had one and it was discharged. Rather, it will "time out" after a set number of years. You can recover some credibility after a couple of years of paying accounts as agreed.

How long after you have a chapter 13 bankruptcy dismissed do you have to wait before refiling?

It is 180 days before you can refile

How long after you file bankruptcy can you receive an inheritance without having to turn it over to the courts?

190 days

Can you add a pool to home and 4 days later file bankruptcy?

That is ridiculous. No. Your case will be thrown out for fraud.

What does FRA mean at closer of bankruptcy?

Final Report and Accounting. Should take about 30 days. Congrats

When must you leave your house after bankruptcy?

I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage company has to legally foreclose before I have to move if I choose to stay that long.I am a bankruptcy attorney in Indiana. I suspect that the answer to your question varies widely from state to state since each state has their own way of dealing with foreclosure. The Bankruptcy Code says you're supposed to tender surrendered property to the creditor within 45 days of the bankruptcy filing date, but in Indiana it is common practice for banks to let the person surrendering the home stay there until the sheriff sale, which is the final step of the foreclosure process. I believe the reason for this is because a bank would rather you stay in the home and keep it safe until the sale rather than you moving out, then the bank has to foot the bill to have someone winterize and secure the home and drive by from time to time to be sure no one broke in, vandalized it, etc.

How do you remove bankruptcy from your credit rating?

The only way to remove a bankruptcy from your credit report is to dispute it to the credit bureaus. The credit bureaus have 30 days under the Fair Credit Reporting Act, to verify your bankruptcy withe the court that filed it or it must be removed from your credit report.

What do you think you would get out of going on such a pilgrimage for 8 days and why?

How many pages does Ten Days in a Mad-House have?

Ten Days in a Mad-House has 96 pages.

How long can a raccoon live trapped in the wall of a house?

If there is no escape, no food and no water they could only live a few days, depending on the ambient temperature. After that the house is going to become quite stinky as the raccoon decays.

How long after filing bankruptcy is it discharged?

After you go to court and meet with the bankruptcy trustees, it should only take about 60-90 days to discharge all debts. You have to take the pre-discharge debt managemnt class first before any debt is discharged because the bankruptcy laws have changed.

Your house has been foreclosed on can it still be saved?

In most states you can overcome a foreclosure by exercising the 10 day upset period. The 10 day upset period allows you to file for bankruptcy within 10 days of the foreclosure sale to save your home.

Should you sell your shares if the company will declare bankruptcy?

Yes! Lehman's downfall brought the common stock down 94% that day. Then a few days later the shares will be rendered worthless as the bankruptcy proceedings continue.