The holidays are over and foreclosure actions have restarted. While exiting the courthouse today, I happened to come across foreclosure auctions in progress. At the time I passed by, there was a lull while they waited for the next scheduled sale at 2:30 pm. Most everyone knows that filing for bankruptcy stops foreclosure sales, but do you know up to what time? Up to the minute before! In this case, that means that the homeowner had until 2:29 p.m., to file a bankruptcy petition, in order to stop a 2:30 pm sale. Thus, no matter how dim things may seem, in most cases, there is always time to save a home. Of course, I don’t recommend that any homeowner wait until the midnight hour, to seek protection, but isn’t it nice to know what a difference a minute can make?
While Chapter 13 bankruptcies are primarily filed in cases of foreclosure, Chapter 7 cases halt pending foreclosure and other collection actions as well, including all pending suits, judgment entries, lien recordings, wage garnishments, repossessions and some evictions. How either Chapter will benefit any particular person, will depend upon their individual circumstance.
Should you require assistance with an emergency bankruptcy filing, call The Kelsey Law Firm (301) 390-9060 for additional assistance, but preferably call, us as far in advance as possible, to take into consideration necessary pre-bankruptcy preparations, scheduling and proper and thorough case analysis.
Thanks for reading. Please note that I am licensed to practice law in Maryland and the District of Columbia. This topic was based off of Federal bankruptcy laws and the laws of the State of Maryland and the District of Columbia. Please note that every case is different and nothing herein is intended as specific legal advice. Please feel free to learn more about my practice at www.kelseylaw.net and to seek legal advice when you feel it necessary.
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