Should I wait for my foreclosure to go through before filing bankruptcy?
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Should I wait for my foreclosure to go through before filing bankruptcy?
I am getting a divorce and we are letting the house go into foreclosure. The foreclosure process has already started but it is taking a while. Meantime I am being hounded by my other creditors. Can I go ahead and file bankruptcy before the house has been foreclosed on?
Asked on July 27, 2011 Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You should first consult with an experienced bankruptcy attorney about the timing for your desired bankruptcy filing as to waiting or doing the filing in the near future.
If creditors are hounding you and making things difficult for you where it is hard for you to enjoy things in these difficult times, then perhaps a bankruptcy filing in the near future is warranted for peace of mind.
There is nothing preventing you from filing for bankruptcy protection before your house has been foreclosed. All a bankruptcy filing would do is to create an automatic stay on the foreclosure process for a while. The lending institution could then seek relief from the automatic stay in the bankruptcy court so as to continue on the foreclosure process.
If you want to stay in your home a bit longer, then filing for the bankruptcy would buy you some extra time in the home before the trustee's sale.
Good luck.
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