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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure and bankruptcy Posted by Ward-CA- on January 21, 2002 at 7:59 AM In Reply to: forclosure and bankruptcy posted by Jody on January 20, 2002 at 2:47 PM : I have not paid my mortgage for December and January, I am going to be filing for bankruptcy and I am getting divorced. I am not going to make any more payments. According to the NY Forclosure form, it say's 4 months, is that how long I can stay in the house after I officially file bankruptcy or is that how many payments I miss before they forclose? I am totally clueless about this stuff? Will I be responsible for paying any type of court fees and how much are they usually? I live in NY State. One more question - do they send you something giving you some type of notice of how long you have? : Thankyou - Jody =•=•=•=•=•=•=•=•=•=•= Jody, the 4 months referenced in the Foreclosure Basics chart for New York is an estimate of the length of time it takes to complete a foreclosure in NY. Generally, most institutional lenders will initiate a foreclosure after a lapse or default in making 3 months of payments. The amount of time a bankruptcy filing gives you to remain in your home depends on the particular bankruptcy chapter chosen. Most bankruptcy insiders would probably agree that if you are employed that a Chapter 13 filing has the greatest potential for delay—3 to 5 years. Filing fees for a Chapter 13 bankruptcy is currently $185.00. If you show the need, the Court will waive its fees. Go to this web site for a 72 page publication on the basics of bankruptcy: http://www.uscourts.gov/bankbasic.pdf Good luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have not paid my mortgage for December and January, I am going to be filing for bankruptcy and I am getting divorced. I am not going to make any more payments. According to the NY Forclosure form, it say's 4 months, is that how long I can stay in the house after I officially file bankruptcy or is that how many payments I miss before they forclose? I am totally clueless about this stuff? Will I be responsible for paying any type of court fees and how much are they usually? I live in NY State. One more question - do they send you something giving you some type of notice of how long you have? : : Thankyou - Jody : =•=•=•=•=•=•=•=•=•=•= : Jody, the 4 months referenced in the Foreclosure Basics chart for New York is an estimate of the length of time it takes to complete a foreclosure in NY. : Generally, most institutional lenders will initiate a foreclosure after a lapse or default in making 3 months of payments. : The amount of time a bankruptcy filing gives you to remain in your home depends on the particular bankruptcy chapter chosen. Most bankruptcy insiders would probably agree that if you are employed that a Chapter 13 filing has the greatest potential for delay—3 to 5 years. : Filing fees for a Chapter 13 bankruptcy is currently $185.00. If you show the need, the Court will waive its fees. : Go to this web site for a 72 page publication on the basics of bankruptcy: http://www.uscourts.gov/bankbasic.pdf : : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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