How long after bankruptcy will it take for them to take my house?
I’m going to file bankruptcy and put my townhouse in it. I hate to do it but the value has dropped about $30k in 1 year! I owe $94k and it’s worth about $63k now! Section 8 has moved into our area and the crime keeps going up. There are 26 other townhouses for sale around here and starting at $52k. Most are foreclosures.
So my question is this. I am going to file bankruptcy next month and put the condo in it. How long do I have until they kick me out? Does anyone know how that works? I know they are backed up and I’ve heard stories where people stay up to 2 years! I don’t know if it’s different since it’s not foreclosure, but bankruptcy. I want to stay here for a few more months until I can find a new place.
Thanks ahead of time!
You will have a few months. Here’s the process.
1. You file for BK. At this moment, all creditors must cease collection activity including repossessions and foreclosures.
2. 60 days later (more or less), you attend the meeting of creditors. You swear under oath the facts contained in your BK filing are true and complete. If a creditor shows up, you will be asked additional questions.
3. 60 days later (more or less), the disposition of your case will be closed (usually you’ll receive a discharge of debts — that’s good.)
4. Bank will continue its foreclosure process, and the foreclosure process might take weeks or months from this date.
5. Bank will either sell the house or take ownership.
6. You will be evicted.
January 1st, 2010 at 12:12 am
You will have a few months. Here’s the process.
1. You file for BK. At this moment, all creditors must cease collection activity including repossessions and foreclosures.
2. 60 days later (more or less), you attend the meeting of creditors. You swear under oath the facts contained in your BK filing are true and complete. If a creditor shows up, you will be asked additional questions.
3. 60 days later (more or less), the disposition of your case will be closed (usually you’ll receive a discharge of debts — that’s good.)
4. Bank will continue its foreclosure process, and the foreclosure process might take weeks or months from this date.
5. Bank will either sell the house or take ownership.
6. You will be evicted.
References :