Can a bankruptcy postpone a foreclosure that is already ongoing? 10 Answers as of December 01, 2015

Also is it possible that the bankruptcy can not only postpone but stop the foreclosure all together? Or does it depend on what stage the foreclosure is currently at?

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GARCIA & GONZALES, P.C. | Richard N. Gonzales
Meet with an experienced BK lawyer to get your questions answered. I would need to ask you about 40 + questions before I could answer your questions.
Answer Applies to: Colorado
Replied: 12/1/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
Filing any bankruptcy will impose an AUTOMATIC STAY which prevents creditors from continuing legal action to collect a debt. However, creditors can and mortgage companies often do obtain RELIEF FROM THE AUTOMATIC STAY which takes about 6 weeks. If the mortgage company does obtain relief, the foreclosure resumes from where it was stopped. A Chapter 13 can provide up to 5 years to catch up on past due mortgage payments, but ongoing payments must resume immediately under court supervision.
Answer Applies to: Nevada
Replied: 11/30/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
The answer depends really on how committed the creditor is to complete the foreclosure quickly. Since a Ch. 7 lasts only about three months, sometimes the creditor is willing to wait until the BR case is over. But a committed creditor can obtain relief from the automatic stay, meaning permission to go ahead with the foreclosure. If the redemption period is running, a Ch. 13 is far more effective at postponing the foreclosure, perhaps indefinitely so long as you can both resume making regular mortgage payments and also pay, through the Ch. 13 Plan, enough to catch up on all the arrears over a period of 60 months or less. Find a skilled bankruptcy lawyer: It's almost always worth the investment.
Answer Applies to: Wisconsin
Replied: 11/30/2015
Ronald K. Nims LLC | Ronald K. Nims
Chapter 13 bankruptcy is designed to stop a foreclosure.
Answer Applies to: Ohio
Replied: 11/30/2015
Charles Schneider, P.C.
Charles Schneider, P.C. | Charles J. Schneider
Yes a chapter 13.
Answer Applies to: Michigan
Replied: 11/30/2015
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