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

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.

Brooklyn, NY -

Attorney Answers (3)

Ronald Joseph Kim

Ronald Joseph Kim

Bankruptcy Attorney - Saratoga Springs, NY
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,

Michael Hal Schwartz

Michael Hal Schwartz

Bankruptcy Attorney - White Plains, NY
Answered

Maybe it is time to let go.

Walter C Oney Jr

Walter C Oney Jr

Bankruptcy Attorney - Fitchburg, MA
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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