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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Anyone who has an ownership interest or a lienholder's interest can use bankruptcy as a shield Posted by Ward-CA- on April 23, 2002 at 7:41 AM In Reply to: Who's BK can delay the foreclosure? posted by Brian on April 22, 2002 at 3:42 PM : Is it the trustor or the owner that can file a BK to delay a sale? : I have a pre foreclosure property quit claimed to my trust. Can I buy some time to put a deal together by quit claiming to an LLC (which I can create for $35.00) and then Bankrupting the LLC? : Speaking of BK, if a homeowner has filed ch 7 and has been discharged before the trustee sale, can he now quit claim to me without needing the BK trustee's approval? : Thanks for the great site. : Brian =•=•=•=•=•=•=•=•=•=•= Brian, A property owner can file a bankruptcy to delay a trustee’s sale. Also a beneficiary of a junior trust deed secured by the property in foreclosure can use a bankruptcy to delay the foreclosure sale of the senior lien. Yes, you could transfer a property that’s in foreclosure into the name of an existing LLC and then file a Chapter 11 bankruptcy for the LLC to temporarily stop the foreclosure. Once a party has been discharged from bankruptcy he is free to negotiate and sell whatever he owns on his own without the further approval of the bankruptcy court. Follow Ups: Re: Anyone who has an ownership interest or a lienholder's interest can use bankruptcy as a shield Karlos 10:48 AM, 12/28/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Is it the trustor or the owner that can file a BK to delay a sale? : : I have a pre foreclosure property quit claimed to my trust. Can I buy some time to put a deal together by quit claiming to an LLC (which I can create for $35.00) and then Bankrupting the LLC? : : Speaking of BK, if a homeowner has filed ch 7 and has been discharged before the trustee sale, can he now quit claim to me without needing the BK trustee's approval? : : Thanks for the great site. : : Brian : =•=•=•=•=•=•=•=•=•=•= : Brian, : A property owner can file a bankruptcy to delay a trustee’s sale. Also a beneficiary of a junior trust deed secured by the property in foreclosure can use a bankruptcy to delay the foreclosure sale of the senior lien. : Yes, you could transfer a property that’s in foreclosure into the name of an existing LLC and then file a Chapter 11 bankruptcy for the LLC to temporarily stop the foreclosure. : Once a party has been discharged from bankruptcy he is free to negotiate and sell whatever he owns on his own without the further approval of the bankruptcy court. 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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