What happens with my house if I filed for bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What happens with my house if I filed for bankruptcy?
I just finished a bankruptcy Chapter 7. It stopped my sheriff’s sale for now and it is currently not on the list for sheriff’s sale. I did claim my home in the bankruptcy. I am still living in it since I can’t afford to move currently. Does the bank just take the house back and they do not have to do a sheriff’s sale or do I have time until the sheriff’s sale is final? What will happen next?
Asked on October 22, 2012 under Bankruptcy Law, Pennsylvania
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 11 years ago | Contributor
Your question raises many questions. Typically, the initiation of a bankruptcy proceeding invokes the protection of the "automatic stay" provisions of the Code. Thus the Sherriff, and the underkying creditor, are prohibitted from proceeding in an effort to collect a debt. You don't mention when the meeting of creditors was, or will be. Typically, the lender will move to avoid or "lift" the automatic stay as it pertains to their collateral, specifically, your house. Once the stay is modified, the process will start once again with little chance of interruption.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.