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If Summary Judgment is granted in favor of a Sheriff Sale against my property, can I still file Chapter 11 BK before the sale?

Las Vegas, NV |

If Summary Judgment has been granted in favor of a Sheriff Sale against my rental property, can I still file Bankruptcy Chapter 11 to save it? Other lawyers in this forum told me that up to right before the Sheriff Sale I can still file Chapter 11 and stop the foreclosure.

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Attorney answers 4

Best Answer
Posted

Yes, bankruptcy can be used as a tool to avoid a property sale. BUT, not always. We would need a much more in-depth knowledge of your situation, especially when it comes to Chapter 11. This is a complex question that would require a lot of analysis before answering.

My law partner represents clients in Chapter 11 bankruptcies. Call us for a free consultation. You may need an emergency filing.

Asker

Posted

My house is now rented and I've been saving money to file Bk Chapter 11 since it is so expensive. Originally I challenged standing in my answer to Plaintiff's Complaint due to his questionable Chain of Title, then the bank filed for Summary Judgment, then I opposed the Motion for Summary Judgment and now Plaintiff just replied to the Opposition asking for judgement and I don't know if the court will wait till the Hearing which is an 15 days to give a judgment without giving me a chance to file Chapter 11 before that.

Posted

You may not use bankruptcy to avoid the common known judgment and avoid the court relief.

What are all your facts?

Asker

Posted

My house is now rented and I've been saving money to file Bk Chapter 11 since it is so expensive. Originally I challenged standing in my answer to Plaintiff's Complaint due to his questionable Chain of Title, then the bank filed for Summary Judgment, then I opposed the Motion for Summary Judgment and now Plaintiff just replied to the Opposition asking for judgement and I don't know if the court will wait till the Hearing which is an 15 days to give a judgment without giving me a chance to file Chapter 11 before that.

Posted

What state is the property located in? Generally speaking, the filing of the Chapter 11 petition before a sheriff's sale will stop the sale, however, as my colleges have pointed out, whether you are able to save this property long term is a function of a number of other facts. My answer may also change depending on what state law says with respect to this issue as well, which varies from state to state.

Posted

If you actually had a judicial foreclosure here (uncommon, but they exist), then yes, you can file before sale. Similarly, an 11 filed here can stop a sale in another state.

You *really* need experienced counsel before diving into an 11, and you need to understand what will be happening and the limits of Chapter 11.

We can usually get people in for a consultation the same or next day.

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