Legal Question in Bankruptcy in New York

Re: How long does bankruptcy take?

It is possible to stop foreclosure by filing Bankruptcy. I don't know what stage of foreclosure your in now but the process typically takes many months and you can remain in the house untill evicted - but you should act quickly to avoid problems. Either she should move or file for bankruptcy if she qualifys now. As for Bankruptcy - in your mother's case, she could file a Chapter 13 Bankruptcy which would stop the foreclosure. However upon filing she would be required to set up a payment plan to pay the arrears on the mortgage over the next 5 years AND also pay the regular monthly mortgage payments again. She would have to prove that her income (from any source) is suffecient to cover these payments. If she has enough income - maybe from disability or SSI etc. - she may qualify - otherwise she may have to file a Chapter 7 - that would NOT help save the house however. Call my office at 877-832-2376 if you need further advice.

Re: How long does bankruptcy take?

I take 48 hours to draft the documents. The petition can be filed at that time.

After filing, the Debtor is assigned a court date (341 meeting). That is approximately 30-40 days after the filing.

The court order (discharge) indicating the bankruptcy has been granted come 30-60 days after that. This is the official date of Bankruptcy Discharge. the debts are gone. And 7 years after this date, you may file for Bankruptcy again. The bankruptcy is officially granted.

There is a 180 day period in which any large sums of money received by the Debtor can (this is optional) be applied to the dets (creditors get the money).

After this 180 day period, it is (in the absence of fraud) 100% over and done.

You are welcome to a consultation for no fee at my offices at 42 west 44th street, NY,NY. Please call for an appointment first (646) 591-5786.