If my house is in foreclosureand there is an upcoming auction, can I stop the sale if I file for bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my house is in foreclosureand there is an upcoming auction, can I stop the sale if I file for bankruptcy?
Would I have to file Chapter 7 or 13? Also, I am married but currently separated. Would I be able to do this by myself or would we both have to file bankruptcy?
Asked on August 13, 2011 Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If the house has already been foreclosed, probably not--once the house is foreclosed, it no longer belongs to you and is not your asset (it now belongs to the bank or lender), and so your bankruptcy would probably not affect matters. Prior to foreclosure--even while foreclosure was pending--bankruptcy would definigely delay matters, but very possibly not at this stage. However, it would be worthwhile consulting with a bankruptcy attorney about the specifics of your situation to be certain.
Either ch. 7 or ch. 13 would work, IF it's not too late, but note that they only temporarily "stay" (i.e. delay) collection actions or foreclosure at best. With a secured debt, like a mortgage, you'd still have to make arrangements to keep paying or the bank will be able to take the home (though they can't then also sue you for any remaining balance on the loan). Thus, if you need more than just a temporary reprieve, bankruptcy would not help, unless you're expecting your financial position to improve dramatically soon.
It should be enough for you to file on a home, since you are joint owner, but again, before filing for bankruptcy--which has enormous consequences on your credit rating and history--it would be good to consult with a bankruptcy attorney to make sure it will do what you hope.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.