Hello; My residential property has been sold for delinquent taxes. My period of redemption from the sale expires on 11-30-2012. A petition has also been filed for a tax deed to transfer title and right to possession. The hearing is on 12/11/2012. I have income to make monthly payments; but not the total amount due to redeem. (Was $13k+) The property address is in Illinois. We are currently living in said house. My question to you; do I have any options to save me from losing my home. Especially in such a short amount of time. My income is all cash; and my credit is poor. I do not have a mortgage; as I own my home outright.
Thank you for your time
Family Law Attorney
You certainly could file a bankruptcy, but that would only provide temporary relief. The problem here is this - the house has already been sold. The bankruptcy won't resolve that issue, merely postpone things until the government gets a court order allowing for the foreclosure to be completed - the scheduled hearings would simply be rescheduled. In order to save the house, you'll have to redeem the debt, and no bankruptcy can force a payment schedule onto that type of debt. If you had filed before the sale, then a Chap. 13 would have been able to put the debt into a payment plan. But, the government is entitled to its payment in full now - no way around it.
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That's a tight spot. You may have options but they're going to be heavily dependent on your specific circumstances and you'll want competent counsel. Please get yourself an attorney to represent you in the proceeding.
Evan A. Nielsen
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Talk to a local bankruptcy lawyer and see if a chapter 13 would help or if the county/state would accept a payment plan.
I am only licensed in WA State. This is only my general observation about the law and my experiences as a practicing attorney. This is not legal advice and should not be construed as legal advice. This does not create an attorney client relationship. If you wish to obtain legal advice or create an attorney-client relationship, then you should directly contact a lawyer licensed in your state who you believe possesses the knowledge and experience to assist you with your case.
A while a chapter 13 might help you by providing you with an additional 60 days to exercise your statutory right of redemption, this right cannot be extended beyond that under the bankruptcy laws. Meaning that unless you have redeemed the property prior to the expiration of the additional time allowed under the Bankruptcy Code (presuming you file a bankruptcy petition), the title and the right to possession can transfer.
It's in your best interest to (1) discuss your situation with a bankruptcy attorney; and/or (2) the attorney for the county/city regarding a payment plan. The county/City might be willing hold off on the title transfer (that's a big "if") and except payments through a chapter 13 plan if you and your attorney can convince them that the payments will be made (i.e., payroll control order) and any proposed plan is confirmable.
I am only licensed in the state of Illinois. This is only my general observation about the law and my experiences as a practicing attorney. This is not legal advice and should not be construed as legal advice. This does not create an attorney client relationship. If you wish to obtain legal advice or create an attorney-client relationship, then you should directly contact a lawyer licensed in your state who you believe possesses the knowledge and experience to assist you with your case.