Can I quit making payments on house, credit card debts now and file bankruptcy in the future? 18 Answers as of June 09, 2011

Can I quit making payments on house, credit card debts now and file bankruptcy in 3-4 months. How long will it take for a foreclosure and can I be foreclosed on in the winter months?

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That varies from state to state. In California it takes at least 90 days plus 20 to complete a foreclosure. The reality is the lenders are slow to foreclose theses days because they have so many foreclosures on their hands. You can probably stay in the house quite a while without making a payment.
Answer Applies to: California
Replied: 6/9/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
Sure you can. Collection efforts don't usually begin until you're delinquent by 2 months. Foreclosures could take a year or more, depending on where you live. There's no way to predict when it would happen.
Answer Applies to: Virginia
Replied: 6/9/2011
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
Yes you can stop making payments and then file a bankruptcy later. You just want to make sure that you talk with a foreclosure defense lawyer about about how to protect yourself once a lawsuit is filed. Banks do not stop in the winter months. While many state that they stop filing around the end of December, we have had clients served with Foreclosure on Dec 26th.
Answer Applies to: Florida
Replied: 6/9/2011
Bankruptcy Law Office of Robert Weed
Bankruptcy Law Office of Robert Weed | Robert Weed
When I know my clients are going to file bankruptcy in three or four months, I advise them to stop paying the credit cards now. You can get foreclosed year round in Virginia. Maybe in a state with colder winters you can't, I don't know.
Answer Applies to: Virginia
Replied: 6/9/2011
Carballo Law Offices
Carballo Law Offices | Tony E. Carballo
Foreclosure can happen any time of the year. Cold weather is not considered a legal impediment. How long it will take for the bank to sell your home depends on where you live. In California you must first be given a 90-day notice of default and then a 21-day notice of trustee's sale. Most foreclosures in California take at least six months because of various delays. In some cases the banks delay foreclosure for years although no payments are being made on the mortgage. They don't seem to want houses in some areas. You should have no problem delaying filing for bankruptcy for 4 months if the foreclosure process has not yet started. Filing for bankruptcy stops the foreclosure process until the bankruptcy case is closed or until the bank asks the bankruptcy court for permission to foreclose ("relief of stay").
Answer Applies to: California
Replied: 6/8/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    I would not advise you to stop making payments on anything until you know that you qualify for bankruptcy. Also if you file soon you can extend the time in your home. I guess I don't understand why you would quit paying your debts and not want to file bk asap. You will be hounded by creditors until you file and yes the bank can foreclose on your home in the winter, summer spring or fall. It makes no difference.
    Answer Applies to: California
    Replied: 6/8/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    As every state has different foreclosure laws, the timing of a foreclosure depends on the law in your state. Yes a foreclosure can occur in the winter.
    Answer Applies to: California
    Replied: 6/8/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Yes, once you know you are going to file for bankruptcy relief, you should stop paying those creditors. A foreclosure's timing depends on a lot of things - the speed of your local court and how inundated with foreclosures the lawyer is that represents the bank.
    Answer Applies to: Indiana
    Replied: 6/8/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Foreclosures happen in every month. Before you change your financial patterns, you need to see a bankruptcy lawyer. It may or may not be smart to stop paying now and file later, and a lawyer can assess that for you.
    Answer Applies to: Georgia
    Replied: 6/8/2011
    Law Office of Harry L Styron
    Law Office of Harry L Styron | Harry L Styron
    Foreclosure starts with a notice of default, which will usually be filed and served within 30 to 60 days after you stop making payments, although I have seen a lot longer intervals than that. From the notice of default until the lender can file and serve a notice of sale is 90 days. The sale must be set for at least 30 days after the notice of sale. Add all of that together and you get 150 to 180 days. It does not matter what the season is. The only immediate impact will be that your creditors will notify the credit reporting agencies when you stop making payments, and that may affect your ability to rent a home or apartment, and certainly will affect your ability to borrow money. It also may affect your job if you are required to have a security clearance or a bond.
    Answer Applies to: California
    Replied: 6/8/2011
    Gresham Family & Bankruptcy Law
    Gresham Family & Bankruptcy Law | Lillian Suelzle Watson
    If you stop making house payments, the property will eventually be foreclosed. Each lender has a different time frame from when you stop making payments until you are put into foreclosure, and eventually you will loose your home. The time frame is very hard to determine, but can range anywhere from six months to a year before you are required to move out of your home. The laws in the home foreclosures are being modified constantly so this is only an estimate. If you live in Oregon and you only have one mortgage on the home (and you live in the home) they can not sue you after foreclosure for late payments. If you have a second mortgage, they usually are able to sue you for the unpaid second mortgage. Because bankruptcy is different for each person, based on household size and income, it would be best to at least discuss your circumstances with an attorney. Our office provides free initial consults and I know many other law firms specializing in bankruptcy also provide free or very low cost overviews of your circumstances. Good luck.
    Answer Applies to: Oregon
    Replied: 6/8/2011
    Daniel Hoarfrost, Attorney at Law
    Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
    The foreclosure process takes a minimum of 4 months, usually more. Credit cards have to sue you and recover a judgment before they can garnish wages or bank accounts.That process takes at least a couple of months.
    Answer Applies to: Oregon
    Replied: 6/8/2011
    The Northwest Debt Relief Law Firm
    The Northwest Debt Relief Law Firm | Thomas A McAvity
    Provided that you meet the eligibility requirements for filing bankruptcy, you can stop making payments on the credit cards now. You can stop making payments on the house entirely if you are giving up the house in your bankruptcy. If you are not giving it up, only a Chapter 13 filing will enable you to catch up on your mortgage payments. I have never heard of a winter exception for foreclosure. I am sure that your lender can initiate foreclosure proceedings whenever it wants to do so.
    Answer Applies to: Oregon
    Replied: 6/8/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    You can, but they might initiate a lawsuit against you, or initiate foreclosure proceedings. Usually that will take a minimum of 3-4 months, and yes, makes NO difference if it is winter.
    Answer Applies to: California
    Replied: 6/8/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If you are giving up your house you probably want to stop making payments. Certainly stop payments to consumer credit debts. The foreclosure process takes about 110 days. First there is a notice of default filed in the County Recorder's office which starts a 90 day period. At the expiration of the 90 days there is a notice of trustee's sale which requires 20 days. At that time the foreclosure is completed. So it takes about four months start to finish to foreclose.
    Answer Applies to: California
    Replied: 6/8/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Usually people stop paying on credit cards and other dischargeable debt prior to filing for bankruptcy so that they can afford an attorney (and also to avoid giving money to the credit companies when you don't have to do so. As for foreclosure, time frames vary, but I would recommend continuing to pay until at least just before you file, if for no other reason than to avoid the foreclosure process. You may find that you can afford to keep the home after the bankruptcy is complete, so staying current is a good option. If you are in my area and are looking for an attorney, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 6/8/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    "Yes" to all your questions even though foreclosure times vary depending on many factors.
    Answer Applies to: California
    Replied: 6/8/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    That is actually a good strategy prior to filing bankruptcy, however you should definitely stop using your credit cards at this time. It could be several months before foreclosure proceedings are initiated or debt collectors take you to court. When the time comes, all of this debt will most likely be discharged in a bankruptcy.
    Answer Applies to: Washington
    Replied: 6/8/2011
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