If the sheriff served us a suit for foreclosure 4 days ago, would I be able to file Chapter 13 in time to save my house before they sell it?

UPDATED: Dec 22, 2014

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If the sheriff served us a suit for foreclosure 4 days ago, would I be able to file Chapter 13 in time to save my house before they sell it?

Would bankruptcy even save it?

Asked on December 22, 2014 under Bankruptcy Law, Kentucky


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

1) Yes, if you file for bankruptcy (such as Chapter 13), it will *temporarily* stop foreclosure, even at this point.

2) The "automatic stay" (the halt to collections, eviction, and/or foreclosure) is only temporary. In the case of defaulting on a mortgage, unless you start paying the mortgage and clear up any arrears in the near-to-mid-term future, and/or work out some mutually acceptable agrement with the creditor (e.g. to pay a lesser amount, which they accept), they will at some point, probably within a year, be able to go ahead with foreclosure. The bankruptcy does not eliminate their security interest, but only, as stated, temporarily stays proceedings; after a time, they will be permitted to proceed on their security interest (the mortgage) and foreclose. (They will not also be able to sue you for the amount you owe--the bankruptcy will reduce or eliminate the debt, but unless you start paying again, they will get the property itself.)

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.

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