If I file bankruptcy, will that stop the sale of the building or if it is sold and I file, will it be taken back to pay towards to what I owe? 8 Answers as of September 02, 2015

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Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
A bankruptcy will stop the sale. Then you have to figure out how to keep it. In chapter 13 you have 60 months to get caught up. In chapter 11 you have more options but this is a very expensive bankruptcy. If they foreclose before you file for bankruptcy the property is lost forever, at least that is the rule in California. Your state law might be different. Sorry for the delay in answering.
Answer Applies to: California
Replied: 9/2/2015
Ronald K. Nims LLC | Ronald K. Nims
I assume that you mean that you're in foreclosure. If you file bankruptcy before the sale, it will stop the sale. It's too late once?the sale occurs.
Answer Applies to: Ohio
Replied: 8/25/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
This is a common reason why someone might consider filing bankruptcy, but bankruptcy is not going to get you a free building. You will need to propose a court approved plan to resolve whatever financial problems have led to the threat of the sale of this building. Which is why you need specific advice in person from a bankruptcy attorney.
Answer Applies to: Nevada
Replied: 8/25/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Sorry insufficient information. If you own the building directly (and not through an LLC or other corporate entity) the equity you have in the building, generally becomes part of the bankruptcy estate. You might not have much equity, and perhaps some or all of it can be exempted. You would truly benefit from a consultation with an experienced bankruptcy lawyer. It's generally worth the investment to have some who knows the system and its details advising and representing you.
Answer Applies to: Wisconsin
Replied: 8/25/2015
Stephens Gourley & Bywater | David A. Stephens
You would have to file before the sale to stop it. It is difficult to unwind a sale in a bankruptcy that is filed after the sale is complete.
Answer Applies to: Nevada
Replied: 8/25/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Usually I ignore questions like this because it's impossible to tell what you are asking about. However, it sounds like you may own a building and if that is true then you really need to go and see a knowledgeable local bankruptcy attorney. They can explain the concepts and figure out if you have any equity. If there is equity above what can be protected by exemptions then the trustee would sell the building, take his or her commission and divide the proceeds among your creditors. There are benefits to doing this in bankruptcy and benefits to doing it on your own. Please get a consultation that can take into account all your circumstances.
    Answer Applies to: California
    Replied: 8/25/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    A bankruptcy will stop the sale temporarily.
    Answer Applies to: New York
    Replied: 8/25/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Generally all of your assets and liabilities, with only statutory exceptions, are taken into account in a bankruptcy. Generally the building, or the proceeds of its sale, are available to pay the obligations to your creditors to the extent they can.
    Answer Applies to: Michigan
    Replied: 8/25/2015
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