Signed papers Tuesday, our chapter 7 was filed today. Trustee question...

[clc08]

Finally, our chapter 7 is officially filed today. I have the case number and the name of the trustee, which I googled, and learned this person is an attorney. Are all trustees also attorneys? Just wondered.

How does the filing affect our foreclosure? I read somewhere that by filing it will delay it some. Any specifics on this?

It is a huge relief to get this thing filed.....

[daylate]

Upon filing there is an automatic stay on the foreclosure-most lenders will ask for a lifting of the stay- I think the auto stays in effect for at least 30 days but I may be wrong. Whether the court lifts the stay depends on lots of things. I remember reading one post here where the trustee actually opposed lifting because he hadn't decided if there was any equity to be had. There is a whole forum on foreclosure here-check it out.

[tobee43]

clc....daylate is correct..it would and will be an auto stay on all action against you.

actually for us...our foreclosure was under way when we filed...or at least we had gotten served and there was a docket number with the court....we did surrender the house...and we did NOT stay...we left...that was approx. 3 years ago and the bank still has not foreclosed. most likely they may never...for all we know since the place is such a mess!!

i'm sure that will not happen to you...are you planning on staying as long as possible...looking back for us...we couldn't because the heat and electric cost us over 1500 monthly alone, so we were best off getting the heck out of there although we lived there over 30 years.

but, the warm weather is coming and if i were you, i would stay as long as possible, save, save, save SAVE!!!!...(unless you plan to retain and work with the bank to get the house back...and if so the banks going to want some bucks)...another suggestion i have for you, if you aren't planning on staying in the house...is, if you can...we did this, we rented prior our bk hitting our credit report.

[clc08]

For our Chapter 7, we are letting go of the house but keeping our vehicle.

For our house, there is a notice running in the newspaper saying we have been sued and have until April 1st to answer the complaint in writing or "a judgment will be entered adainst you."

1. I wondered how long we have after April 1st. Does it then go so a sherrifs sale? How long after the sherrif's sale do we have to get out?

2. We have limited funds protected in our retirement. We plan to buy housing in another state. I think we have to wait until our 341 is over to do so, right?

( Husband who is now employed is putting in for a transfer to this other state. Don't know if he will get the opening posted for this job, but if he does we are trying to figure out a timeline to move. We need to save some money for this since we just filed....don't have any money except for limited money in the checking account as allowed by our filing, and the protected money in our retirements we plan to use to buy property. When that is gone, it's gone.)

How long does it take the chapter 7 to hit our credit report? I guess if we didn't buy a home, we would need to rent something. We could use our retirement to pay up 6 mo. or 1 year rent if we had to..but isn't that the same as buying something as far as the trustee is concerned? Wouldn't we have to wait until after 341 to do that, also?

If it were just us humans, I wouldn't be so concerned...but we have pets to deal with.

Need to find the sense of relief I had last night after learning our case was filed yesterday. Woke up at 4 a.m. wondering where the X<@% we will live.....

[tcreegan]

Hi clc,

Taking $ out of a retirement acct where it is protected and dragging it into the open would make me very nervous. I think this is a "local experienced BK attorney" question.

The BK stops the foreclosure until the lender files a motion for relief that allows them to continue the foreclosure. Like daylate said, the trustee might not let lender move ahead, depends on how much equity is in the property.

The newspaper notices you mentioned don't sound like they are for a sale. I think you will get a notice of sale and there will be newspaper notices for the sale, should take 30 days or so. In Indiana the sale notice to you has an eviction notice w/ it. Plan to be out 3 days after the sale. So if those notices you saw in the paper aren't for the sale, you should have until the beginning of May b4 you have to move.

As far as when the BK will hit the credit report, unfortunately in our electronic age it will be quick, couple days would be my guess.

Paying ahead on rent is another "ask your local BK attorney"

Good luck w. the housing, congrats on getting filed!

Tom in Colo

[tobee43]

For our Chapter 7, we are letting go of the house but keeping our vehicle.

For our house, there is a notice running in the newspaper saying we have been sued and have until April 1st to answer the complaint in writing or "a judgment will be entered adainst you."

1. I wondered how long we have after April 1st. Does it then go so a sherrifs sale? How long after the sherrif's sale do we have to get out?

2. We have limited funds protected in our retirement. We plan to buy housing in another state. I think we have to wait until our 341 is over to do so, right?

( Husband who is now employed is putting in for a transfer to this other state. Don't know if he will get the opening posted for this job, but if he does we are trying to figure out a timeline to move. We need to save some money for this since we just filed....don't have any money except for limited money in the checking account as allowed by our filing, and the protected money in our retirements we plan to use to buy property. When that is gone, it's gone.)

How long does it take the chapter 7 to hit our credit report? I guess if we didn't buy a home, we would need to rent something. We could use our retirement to pay up 6 mo. or 1 year rent if we had to..but isn't that the same as buying something as far as the trustee is concerned? Wouldn't we have to wait until after 341 to do that, also?

If it were just us humans, I wouldn't be so concerned...but we have pets to deal with.

Need to find the sense of relief I had last night after learning our case was filed yesterday. Woke up at 4 a.m. wondering where the X<@% we will live.....

i agree with tom...i would just leave your 401 alone which is protected anyway.


here's what we did...i don't know if it will help you much, but this is it....we stopped paying our mortgage....saved the money ....took a trip to the state we were moving to...rented a place a few months before we actually left...just so we knew psychologically we had a place to live and security...

we planned like a "chess" game and that included to maintain a clear sense of security of a roof over our heads...so that's the way we planned it.

if your husband is still working and you are not paying your mortgage...which is what we did...we took that money to rent our new place.

then after approx. a year we moved again to a house that the owner...(the house was owned outright by the owner-landlord), was trying to sell for a few years...we talked him into a rent option to buy...this dec. we made the offer and asked him to hold the entire mortgage ...he agreed..we closed this week....

it can be done, but first you need to make a logically...reasonable plan...take a breath...and some time to think clearly...and believe me, i know how hard it is...but you will do this. you will.