Foreclosure/Bankruptcy

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Foreclosure/Bankruptcy

My house is in foreclosure and scheduled for auction on January 16th. What can I do to push it off. I have had no income for three years but now I expect to close on a few deals in the next 90 days and will have more income than the amount of foreclosure. If I file for bankruptcy and the income comes in as planned, can I stop the bankruptcy? I have equity left in the house.

Asked on December 22, 2018 under Real Estate Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You cannot automatically "stop" or withdraw the bankruptcy: it will be in the bankruptcy's court's discretion to allow you to do so. Furthermore, if you file for bankruptcy without including in the filing the pending deals, you will have committed fraud on the bankruptcy court (due to not disclosing material, or important, information regarding your finances of which you are aware), which could expose you to legal liability.
The legal and proper way to attempt to delay the auction is to contact the lender, discuss your situation, and see if they will enter into an agreement with you giving you more time to pay, or otherwise agree to delay the foreclosure, which they can voluntarily do.


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