Chapter 13 Bankruptcy Timeline

Summary

Chapter 13 bankruptcy involves credit counseling, filing a petition, a 341 meeting, and plan payments over 3-5 years. In California, judicial foreclosure includes a lawsuit, foreclosure judgment, notice of sale, and public auction. Filing Chapter 13 can halt foreclosure, but creditors can file to lift the stay. An appraisal can help oppose this motion. Consult a bankruptcy attorney for personalized advice.

Full Conversation

What is the process and timeline for chapter * bankruptcy
Hello Robert,
Chapter * bankruptcy process generally includes:
- Credit counseling (180 days before filing)
- Filing of bankruptcy petition
- * meeting of creditors (*-45 days after filing)
- Confirmation hearing (within 45 days of the meeting)
- Plan payments (*-5 years)
This timeline can vary depending on your jurisdiction and specific circumstances. To get specific help, it would be beneficial to know your location.
I’m in California and this is going to be regarding a judicial foreclosure auction.
Hello Robert,
In California, a judicial foreclosure typically follows these steps:
- Filing of lawsuit by the lender
- Court's issuance of foreclosure judgment
- Notice of Sale (minimum 20 days before sale)
- Public Auction
Filing Chapter * Bankruptcy can halt this process. Please consult a local attorney for personalized advice.
I’ve been through all those steps and there is a date of January *, *. I am working with someone who is going to try to pay off the amount due but if the mortgage or hesitates they are willing to file bankruptcy for me. If they file chapter * bankruptcy. I know it’ll do a stay on the sale. Can they still file to lift the stay with a chapter * bankruptcy
Yes, a creditor can file a motion to lift the automatic stay in a Chapter * bankruptcy. Here are some reasons why they might do so:
- Inadequate protection (risk of property depreciation)
- No equity in property
- Property isn't necessary for reorganization
Remember, it's best to consult with a bankruptcy attorney for personalized advice.
The property is definitely worth more than the amount due.
That's a positive! Have any steps been taken to prove the property's value, like an appraisal, in order to support your claim in case the creditor files a motion to lift the automatic stay?
Two houses next to me have sold for over $*,* am I house a lot is bigger.
That's a good starting point, **** However, an official appraisal might strengthen your case. Have you considered getting one? Also, have you spoken to your bankruptcy attorney about this?
The mortgage is below *,*.
That's good to know, **** Given the property's potential value and the mortgage amount, an appraisal could indeed be beneficial. Have you discussed this with your bankruptcy attorney?
I’m working with someone who is trying to pay off the mortgage manager.
That's great, **** It's important to keep communication open with all parties involved. Have you discussed the potential of getting an appraisal with the person you're working with? This could potentially aid in your situation.
They already determined the house to be at sold for at least $*,* with improvements, if necessary.
That's great, **** It seems you're well-prepared. Remember, if the creditor files to lift the stay, you can oppose it and a hearing will be held. Your appraisal will be helpful in that scenario.
How do I oppose it if that comes about?
To oppose a motion to lift the automatic stay, you would:
- File a written response with the bankruptcy court.
- Attend the motion hearing.
- Show proof of equity in the property, like your appraisal.
Discuss with your attorney or bankruptcy expert for personalized advice.
do you know how long it would take for the oppose motion in court
Generally, it depends on the court's schedule and the complexity of the case, but hearings on motions to lift the automatic stay in a bankruptcy case typically occur within *-60 days after the motion is filed.
Ok
Hello Robert, it's good to see you well informed about this process.
Remember, you have the right to oppose the motion to lift the stay, and your appraisal will be a strong asset in that scenario.
Don't hesitate to ask if you have more questions.
Thank you.
You're welcome, **** Remember that it's important to stay proactive and consult with your attorney or bankruptcy expert regularly. If you have any other questions in the future, feel free to ask. Best of luck with your situation.