How long can I stay in my house after filing for bankruptcy? 17 Answers as of April 01, 2013

Is there a time frame as to how long I can stay in my house after filing for bankruptcy? Should I short sale first before or after bankruptcy?

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Durham Jones & Pinegar | Erven Nelson
Try to short sale before considering bankruptcy because it will look much better on your credit.
Answer Applies to: Nevada
Replied: 4/1/2013
Law Office of Norman Moore
Law Office of Norman Moore | Norman P Moore Jr
If you want to stay in the home as long as possible, do nothing.

File bankruptcy, then wait until they move to lift the stay. They will then foreclose and you should have a 6 month redemption period where you can stay (rent free) while you look (and save) for a place to live.
Answer Applies to: Wisconsin
Replied: 2/26/2013
Law Office of Christian F. Paul
Law Office of Christian F. Paul | Christian F. Paul
Often people who file for bankruptcy protection remain in their homes because they keep paying the mortgage payments even though their personal obligation to the lender is discharged along with various other debts.? Without reviewing your specific situation, it isn't possible to say much more, but you can pay a visit to a local bankruptcy attorney and take with you all the documents requested to get a fix on whether bankruptcy can help you, and how. Many attorneys give a free consultation, so you have nothing to lose from consulting with a local specialist. Good luck to you.
Answer Applies to: California
Replied: 2/26/2013
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Why do you care about a short sale? The Realtor makes a commission and you are out of the house. Stay until they foreclose, no one knows how long that could be.
Answer Applies to: California
Replied: 2/25/2013
Troutman & Napier
Troutman & Napier | Gregory A. Napier
If you have an opportunity to close on a short sale prior to filing bankruptcy, it can simplify things for you. But, if the opportunity is not there, do not worry. You simply go into the bankruptcy and surrender the property. It depends on the bank and where things are in the foreclosure process, but you can count on a couple of months and likely several months remaining in the home without paying on the loan before you have to leave. If you want to try and save the house, you may consider a Chapter 13 and see if it is doable.
Answer Applies to: Kentucky
Replied: 2/25/2013 | Rustin Polk
    There is no reason to short sell a house if you are going to be filing a bankruptcy. The purpose of a short sale is to get you out of the house without having to owe your mortgage company a deficiency balance. If you are filing a bankruptcy anyway, it will prevent you from owing a deficiency balance. You can hold your pants up with a belt or with suspenders. But you dont need both.
    Answer Applies to: Texas
    Replied: 2/25/2013
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Your lifetime if you continue to make mortgage payments, if not until it is foreclosed upon.
    Answer Applies to: Michigan
    Replied: 2/25/2013
    Moffa & Bonacquisti, P.A.
    Moffa & Bonacquisti, P.A. | John A. Moffa
    There is not a set time. The time is as long as it takes the lender to move forward. It makes NO sense to short sale a house before or after a bankruptcy case.
    Answer Applies to: Florida
    Replied: 2/25/2013
    Orrock, Popka, Fortino, Tucker & Dolen
    Orrock, Popka, Fortino, Tucker & Dolen | Myron Wayne Tucker
    There is no set time. If you file the bankruptcy and get court approval for the short sale, you will be able to stay in the home until title is transferred to the new owner. As a practical matter, you will want to move and clean up the property at least a few days before the escrow closes.
    Answer Applies to: California
    Replied: 2/25/2013
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    Talk to a good bankruptcy attorney before filing. Each state has different laws governing some of the questions you are asking. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
    Answer Applies to: Arizona
    Replied: 2/24/2013
    Bruning & Associates, PC
    Bruning & Associates, PC | Kevin Bruning
    If you were successfully able to discharge liability for the house in a Chapter 7 bankruptcy, you can stay in the house until a judgment of foreclosure is entered and the bank sends the Sheriff to evict you. The time for this process can vary drastically. For example, in Lake County, Illinois, the time period to even have a motion heard in a foreclosure action is about 6-months. Other courts have slower and faster time frames. Paying an attorney to come in and defend the foreclosure suit can keep you in the house even longer.
    Answer Applies to: Illinois
    Replied: 2/24/2013
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Bankruptcy does not determine how long you can stay in your home. If your property is in foreclosure, the completion of the foreclosure process will determine how long you can stay. As to your question about a short sale, if you sell, you must move out. Any financial incentive you receive from the short sale would have to be included in your income calculations covering the previous 6 months. Bottom line, there are too many unanswered facts in your situation to allow me to appropriately answer your questions.
    Answer Applies to: Nevada
    Replied: 2/24/2013
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You don't have to lose your house in bankruptcy, you lose your house in the foreclosure. You may want to see a local attorney to discuss the details of your case, but bankruptcy will slow the foreclosure process and when your bankruptcy is over, the bank can continue the foreclosure process.
    Answer Applies to: New York
    Replied: 2/24/2013
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    There is no set time line as to how long you can stay because a bank can take a long time to foreclose on a property. You should consult an attorney because you can strategize to maximize your time in the home.
    Answer Applies to: California
    Replied: 2/24/2013
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    There is no time frame. It will depend on when the mortgage company decides to foreclose. You can attempt to short sale the property up until the house is foreclosed.
    Answer Applies to: Georgia
    Replied: 2/24/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    You can stay in your house until you sell it or until your lender forecloses the loan.
    Answer Applies to: Colorado
    Replied: 2/24/2013
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    BK first, then short sale.
    Answer Applies to: California
    Replied: 2/24/2013
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