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Cuchicuchi

Joined: 29 Jan 2010
Cuchicuchi's page
Posts: 2

22 Magic Points

Subject: Hello to all. Thanks for having me!

Fri Jan 29, 2010 12:23 am

Can I file for chapter 7 after my property has being foreclosed?
I hear it its better to do it before it happens but just dont know!
Thanks.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Fri Jan 29, 2010 12:19 pm

Hi Cuchicuchi

Yes, you can file chapter 7 after forclosure. You may have to lose your home no matter what but this will still give you some time to negotiate with your lender - say 2-3 months time. You may also utilize the time to save up some money.
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Carol

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Subject: Filing chap 7 Bankruptcy

Sat Jan 30, 2010 7:15 am

Hi Cuchicuchi,

You can obviously file for chapter 7 bankruptcy after foreclosure. The automatic stay can stop the foreclosure proceedings, that started against you, for some time at-least.

This will provide you with time to save some money as carol has said. If the lender applies for a relief from stay and if it is granted you can face problems. In case of nonpayment of dues your property will be foreclosed. However if possible you can talk to your lender for a loan modification and start paying the dues. But if you ever fail to continue paying the debts, the lender can continue with the foreclosure proceedings again.
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All the Best Smile

Justin

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