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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Automatically stopping a foreclosure anywhere in the U.S. Posted by Ward-CA- on April 13, 2002 at 8:08 AM In Reply to: how to postpone td sale posted by Teresa on April 11, 2002 at 9:43 PM : I am a real estate agent and i recently listed a condo going up to sale in 20 days. I really need more time to market the property. I have herd of the filing of am emergency petition for bankruptcy what does that mean and how much time does that buy you? What does a relief from automatic stay mean? Our objective is to obtain more time so it can be sold in the meantime. Any suggestions??? p.s we are in california. =•=•=•=•=•=•=•=•=•=•= Teresa, the federal bankruptcy court realizes that filing a bankruptcy petition can be a nerve-racking ordeal for lots of people. So to give their clients a calm respite to get their wits about them to file the complete petition, they allow filers a period of 15 days to get the whole petition in, as long as they file a minimum “emergency” petition to begin the process. All petitioners initially, are protected from their creditors’ actions the moment they file the first portion of their petition. Any and all ongoing creditor processes, including foreclosure, are automatically suspended with the filing of their “emergency” petition. At that point, to proceed with their foreclosure, a lender would need to request the Court to give them a hearing on obtaining “relief” from the debtor’s automatic stay. And generally, getting that hearing takes 30 days or longer. So, just by having the property owner file the initial, emergency petition in Chapter 13 their foreclosure automatically, without any notice, comes to a complete halt. Yes, the filer’s credit report is going to show that they filed a Chapter 13 bankruptcy petition. But if they don’t go forward and complete the entire Chapter 13 filing in the 15 days required, then their filing is automatically dismissed, as if they never filed. Finally Teresa, please note, that until your client is conclusively dismissed from the Court’s supervision and protection, proven by a formal request for dismissal that’s signed by their bankruptcy judge, your title company won’t insure their sale. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am a real estate agent and i recently listed a condo going up to sale in 20 days. I really need more time to market the property. I have herd of the filing of am emergency petition for bankruptcy what does that mean and how much time does that buy you? What does a relief from automatic stay mean? Our objective is to obtain more time so it can be sold in the meantime. Any suggestions??? p.s we are in california. : =•=•=•=•=•=•=•=•=•=•= : Teresa, the federal bankruptcy court realizes that filing a bankruptcy petition can be a nerve-racking ordeal for lots of people. So to give their clients a calm respite to get their wits about them to file the complete petition, they allow filers a period of 15 days to get the whole petition in, as long as they file a minimum “emergency” petition to begin the process. : All petitioners initially, are protected from their creditors’ actions the moment they file the first portion of their petition. Any and all ongoing creditor processes, including foreclosure, are automatically suspended with the filing of their “emergency” petition. : At that point, to proceed with their foreclosure, a lender would need to request the Court to give them a hearing on obtaining “relief” from the debtor’s automatic stay. And generally, getting that hearing takes 30 days or longer. : So, just by having the property owner file the initial, emergency petition in Chapter 13 their foreclosure automatically, without any notice, comes to a complete halt. Yes, the filer’s credit report is going to show that they filed a Chapter 13 bankruptcy petition. But if they don’t go forward and complete the entire Chapter 13 filing in the 15 days required, then their filing is automatically dismissed, as if they never filed. : Finally Teresa, please note, that until your client is conclusively dismissed from the Court’s supervision and protection, proven by a formal request for dismissal that’s signed by their bankruptcy judge, your title company won’t insure their sale. : Hope this helps. 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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