If the Bank has sent a Notice of sale to foreclose the Coop, how Bankr Chapter 7 is going to work? For how long it would stop

Asked over 2 years ago - Brooklyn, NY

the foreclosure? What are the other ways to fight or postpone the foreclosure if Bankr Chapter 11 case was already dismissed (there were no financial ability to pay 100% repayment plan)? Thank you.

Attorney answers (3)

  1. Ronald Joseph Kim

    Contributor Level 15

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    Answered . CHAPTER 7 AND FORECLOSURE

    A typical "no-asset" Chapter 7 will take approximately 3 to 6 months to complete, depending on the Trustee. Accordingly, a foreclosure will be delayed for about this long, unless you are not the typical no-asset Chapter 7 OR the foreclosing bank seeks to lift the bankruptcy stay to continue the foreclosure.

    Good luck,

  2. Michael Hal Schwartz

    Pro

    Contributor Level 15

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    Lawyer agrees

    Answered . Maybe it is time to let go.

  3. Walter C Oney Jr

    Contributor Level 17

    1

    Lawyer agrees

    Answered . In my opinion, filing a bankruptcy case solely so the automatic stay can kick in and delay a foreclosure for a short while is bad faith. If your 11 was open during the past year, you won't have a stay at all after 30 days unless you persuade the court by clear and convincing evidence that your new filing is in good faith. A judge who heard you wonder about ways to "fight or postpone" a foreclosure would probably rule against you.

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