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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

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

Posted

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,

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Asker

Posted

What do you think under what conditions the bank may seek this relief? Thank you so much for your help.

Ronald Joseph Kim

Ronald Joseph Kim

Posted

You are asking me to predict what a third party will do and that is virtually impossible. Sometimes creditors file an immediate motion to lift stay in a Chapter 7, other times they sit on the sidelines and wait until you get your discharge since they know it is only 3 to 6 months away. Why do they choose one over the other--who knows?

Asker

Posted

Thank you!

Posted

Maybe it is time to let go.

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Posted

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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Asker

Posted

What makes you to think that the bankr if filed, will be filed not in good fight? The foreclosure is just part of everything. Dont make conclusions before you know the whole story.

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