Will filing for bankruptcy suspend the forclosure process on my home?
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Will filing for bankruptcy suspend the forclosure process on my home?
Asked on September 6, 2014 under Bankruptcy Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, for at least a short time. Filing for bankruptcy protection under Chapter 7 or chapter 13 temporarily suspends a foreclosure because the court issues what is known as an automatic stay which tells your creditors to stop doing anything against you. However, a creditor can make a motion to lift the stay. Also, if the lender has already filed a foreclosure notice then you could have an issue with the stay. Please get advice from an attorney in your area with the specific facts that pertain to your case. Good luck.
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