Timing of CH7

[tknj99]

Hi All,
I have 3 properties in foreclosure since May of this year. I want to file Ch7 but am confused as to the timing with regards to the foreclosures. From what I have read, you need to file BK prior to receiving a 1099-C. So, does that mean to file prior to the Sherrifs Sale when the property changes title? id imagine id have a few weeks to prep if this were the case. Or is it just file prior to the end of the calendar year that the foreclosure finalized. So in this case, if the foreclosures span into the beginning of 2010, i could file anytime in 2010 and be safe (probably after receiving tax refund)

Thanks for the help.

[frogger]

What state are you in?

[tknj99]

Im in Florida - thx

[frogger]

Is this personal or rental properties? If rental, did you sign a hypothecation agreement on the properties?

[tknj99]

Hi Frogger,
The 3 properties in foreclosure are rental properties. I dont believe i signed a hypothecation. When i bought them, the lender was told that 2 of them were secondary homes and 1 was described as investment...