The court date for the car repossession is next month. My house has been in foreclosure for about 3 months. I wanted to wait until the last possible moment to file bankruptcy, but the car repo is the wild card because my understanding is that the bank can dip into my bank account. I'm barely scraping by as it is due to child support. Should I file chapter 7 now? And if I do, how much time will I have in my home, best and worst case scenarios?? Thanks so much.
So as I understand your question, the car has already been repoed and you are being sued for money, correct?
The sooner you file bankruptcy, the sooner you will have protection from the federal court to protect you. In my state, you gain no advantage by waiting until the last minute to file, because the foreclosure will pick up where it left off once the creditor obtains the right to resume foreclosure by obtaining a "lift stay."
I am not able to make best & worst case predictions for you, as, alas, my crystal ball has gone dark! Sorry.
You will need to meet with an experienced bankrutpcy attorney in your community who is familiar with local practices for an estimate of the amount of time you might have before you have to move.
Hope this helps & good luck!
The bankruptcy will delay the foreclosure but how much time you have depends on the actions of the bank and what stage the foreclosure is at. if you wait too long the bankruptcy will not delay anything. you should talk to aomeone right away.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.