What does the 60 day waiting period mean?

[NotFun]

I see alot of people saying that their 60 days are almost up, what does that mean?

Can someone give me the step by step of the process?

Thank you

[lrprn]

I see alot of people saying that their 60 days are almost up, what does that mean?Can someone give me the step by step of the process?

Here's a pretty good Ch 7 timeline explanation - http://www.moranlaw.net/chapter7.htm

The 60 days refers to the mandated 60 day period between your first scheduled 341 meeting and the last day your individual creditors and trustee can file an objection to the wiping out of your debts. Thus the "60 day club" for Ch 7 filers. If you have no objections after Day 60, then chances are your Ch 7 case is going to discharge and close successfully giving you a brand new financial start.

[NotFun]

Here's a pretty good Ch 7 timeline explanation - http://www.moranlaw.net/chapter7.htm

The 60 days refers to the mandated 60 day period between your first scheduled 341 meeting and the last day your individual creditors and trustee can file an objection to the wiping out of your debts. Thus the "60 day club" for Ch 7 filers. If you have no objections after Day 60, then chances are your Ch 7 case is going to discharge and close successfully giving you a brand new financial start.

So are you saying it's not up to a judge to approve the discharge? Then who would be the one to decline the BK?

[keepmine]

Unless things go way wrong, you'll never see a judge. The trustee will make a recommendation that a case be dismissed and then a judge will issue an order of dismissal.

On the flip side, a trustee will issue a report of no assets and ask to be relieved of his duties {or word to that affect}. At which time, a judge will enter an order of discharge. You'll get a copy and it will be signed by a judge.

[NotFun]

interesting...

So say they discharge your BK, and you included your house and cars. At what point do you have to turn the cars in, and when do you have to vacate the premises?

[lrprn]

So say they discharge your BK, and you included your house and cars. At what point do you have to turn the cars in, and when do you have to vacate the premises?

How much time you have depends on the repossession and foreclosure laws and practices in your state. What state are you in?

[NotFun]

How much time you have depends on the repossession and foreclosure laws and practices in your state. What state are you in?

Florida.

But wouldn't the BK stop them from foreclosing or repossessing your cars?

[keepmine]

If you have a mortgage or auto loan, that is a secured debt and you must be current and stay current if you wish to keep the property post bk.

[NotFun]

If you have a mortgage or auto loan, that is a secured debt and you must be current and stay current if you wish to keep the property post bk.

But if your filing on everything, when do you have to get out?

[lrprn]

But if your filing on everything, when do you have to get out?

You are in Florida. Here's the foreclosure laws for Florida - http://www.foreclosures.com/www/page...2.asp?state=FL

Looks like foreclosures average about 180 days after your lender gets your automatic stay lifted after you file.

Your lawyer can give you a much more reliable estimate - he/she has likely been dealing with client foreclosures in your area for a number of years.

[BassBoy]

Quick Facts for you

Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 180 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Florida, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure
In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.
Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)

The lender may sue to obtain a deficiency judgment in Florida.

This may not always be the norm. How long you have before you have to leave your home depends on the lender and how backed up the courts may be.