Legal Question in Bankruptcy in New York

bankruptcy to prevent foreclosure?

hello and thank you for reading my question, its appreciated. I am writing for my mom who is elderly and disabled. She just received notice that the bank is foreclosing on her home, and has set a sale date for april.

I am very worried and stressed. She has no money, and i fear will be evicted. We are thinking of claiming bankruptcy this week for her. I am unclear if ch 7 or ch 13 would be correct, although i know in ch 13 payments must be made which she cannot do.

My question is, will ch 7 help her to stay in the house for a few months allowing her to sell. The house is on the market and i am praying for some time to locate a buyer and sell the house. Would ch 7 be ok, her assets are the house and a car year 2000. There is about $100k in equity in the house, and there is some equity i think in the car.

In ch 7, can she sell the house herself or does someone like the bank do that?

I thank you for your help, its very appreciated.


Asked on 3/05/05, 8:36 pm

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: bankruptcy to prevent foreclosure?

This is a difficult situation. Your plan of 'playing for time' in order to sell the house is an excellant plan.

CH7 will get you about 2 months and CH13 3 months.

If more time than this is needed, then you will need help.

1) GO. Go today to the bank and ask for their help. They have a department whose only job is to help people in your situation.

2) If the bank is not sufficiently helpful, then give me a call. Every lawyer has a 'bag of tricks' that can get you more time to sell the house.

Good luck.

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Answered on 3/07/05, 12:03 pm
richard feldman richard d. feldman

Re: bankruptcy to prevent foreclosure?

chapter 7 will not save the home a ch 13 will delay until a plan can be worked out have you explored a reverse mortgage you can call me at 516 466 5297 for a free telephone consultation

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Answered on 3/06/05, 2:20 pm


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