Q: If I file bankrupcy and choose to surrender property how long does it take for bank to take possesion. I am in IL?
A: This may not be a satisfying answer, but here it is: it depends. I can tell you that if you file bankruptcy, immediately it will create the "automatic stay." This prevents creditors from being able to take any action against your property without the bankruptcy court's approval. It will then take a couple of months to complete your bankruptcy, depending of course upon the individual facts of your case.
A: It will depend upon the creditor and upon the type of property being surrendered. If the property is a home, then the foreclosure case must complete unless you sign a deed in lieu. If the property is a vehicle, then you can voluntarily return it or simply wait until discharge or modification of the stay to have the creditor pick it up at their will.
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