What steps do I need to take to finish my trustee’s sale or foreclosure when in bankruptcy?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
When a bankruptcy is filed that includes a loan on real estate, then the automatic stay usually stops the ability of the lender to complete their foreclosure or trustee’s sale. It is advisable that you talk with an experienced bankruptcy attorney to find out the next steps. Normally, a Motion for Relief from the Automatic Stay should be filed early in the case if a creditor wants its collateral fully removed from the bankruptcy, forcing the debtor to deal with the matter head on. On “lift stay” motions, a hearing is usually scheduled in around 30 days. The creditor is unable to complete their trustee’s sale or foreclosure without an order lifting the stay.
By Diane Drain|Published On: June 28th, 2022|Last Updated: September 14th, 2022|
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