What happens with my house if I filed for bankruptcy?

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What happens with my house if I filed for bankruptcy?

I just finished a bankruptcy Chapter 7. It stopped my sheriff’s sale for now and it is currently not on the list for sheriff’s sale. I did claim my home in the bankruptcy. I am still living in it since I can’t afford to move currently. Does the bank just take the house back and they do not have to do a sheriff’s sale or do I have time until the sheriff’s sale is final? What will happen next?

Asked on October 22, 2012 under Bankruptcy Law, Pennsylvania

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

Your question raises many questions.  Typically, the initiation of a bankruptcy proceeding invokes the protection of the "automatic stay" provisions of the Code.  Thus the Sherriff, and the underkying creditor, are prohibitted from proceeding in an effort to collect a debt.  You don't mention when the meeting of creditors was, or will be.  Typically, the lender will move to avoid or "lift" the automatic stay as it pertains to their collateral, specifically, your house.  Once the stay is modified, the process will start once again with little chance of interruption.


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