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I thought a big advantage of bankruptcy was it stopped foreclosures and reposessions. How can they do that?

April 26, 2017advantage Bankruptcy big Foreclosures stopped

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I thought a big advantage of bankruptcy was it stopped foreclosures and reposessions. How can they do that?

2 Answers

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A. When a bankruptcy gets filed, an automatic “stay” on litigation such as foreclosures and sheriff’s sales goes into place. To get around the stay a creditor must go into court and ask the bankruptcy judge for a “relief from stay”, if granted they continue with their plans to take back your asset.

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0 Posted

A. When a bankruptcy gets filed, an automatic “stay” on litigation such as foreclosures, repossession and sheriff’s sales goes into place. To get around the stay a creditor must go into court and ask the bankruptcy judge for a “relief from stay”, if granted they continue with their plans to take back your asset.