Sacramento, CA asked in Bankruptcy for California


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1 Lawyer Answer
Anudeep Singh
Anudeep Singh
  • Bankruptcy Lawyer
  • Rancho Cucamonga, CA

A: Bankruptcy creates an automatic stay that serves to immediately stop, or put a hold on, all legal actions and proceedings as of the DATE OF FILING. This includes a pending foreclosure sale.

However, the length of time that the sale is stopped for depends on the Chapter of bankruptcy that is filed. A Chapter 7 will most likely only temporarily stop the sale from occurring (as long as it is filed prior to the sale date and the auction Trustee is properly informed), while a Chapter 13 may permanently stop a sale from occurring (given that you are addressing the mortgage arrears through your Chapter 13 reorganization plan).

Time is of the essence in this situation though, because if the property sale occurs, the bankruptcy may not be able to assist you.

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