Can I file for bankruptcy after my home goes into foreclosure? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I file for bankruptcy after my home goes into foreclosure?

I thought I would be able to keep making my payments, but I started faltering a few months ago. The bank foreclosed on my home and I was forced to move out. Now I want to file for bankruptcy and want to keep my house exempt. Is this possible? Or is too late to get my house back?

Answer By Alan D. Walton
Breckenridge and Walton
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It is too late.

Answer Applies to: Michigan
Replied: 9/25/2011

Answer By Kevin Heupel
Heupel Law
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You can still file bankruptcy, but it will not get your house back. You would have needed to file prior to the foreclosure to save it. However, you should consider bankruptcy to discharge the mortgage deficiency.

Answer Applies to: Colorado
Replied: 9/16/2011

Answer By Dan Wilson
Dan Wilson Bankruptcy
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If the foreclosure sale has taken place the home is no longer yours. A BK will discharge any deficiency between the sale price and the amount you owed, but you will not get the house back. If the foreclosure sale has not yet taken place a BK will delay the process, but the only way to keep the house is to get current, either with a lump sum if you file under Ch 7 or through a payment plan in a Ch 13.

Answer Applies to: Colorado
Replied: 9/10/2011

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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If the house has been sold at sheriff's sale, it's likely too late to redeem it, even with bankruptcy. Redemption periods differ from state to state, and in many states, there is no redemption whatsoever.

Answer Applies to: Indiana
Replied: 9/8/2011

Answer By David VanDyke
Bird & VanDyke, Inc.
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Normally after the foreclosure sale its to late to save the home. Depending on how long ago it was you may give it a try.

Answer Applies to: California
Replied: 9/8/2011

Answer By Mengjun Qiu
The Law Offices of Kristy Qiu
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If it's chapter 7 even after you file for bankruptcy they can still go after you and foreclose your home. If you file for Chapter 13 you have to be able to cure and maintain in order to keep your home. Otherwise bankruptcy will only delay the foreclosure process, but at the end they can still take it away. Whenever a debt is classified as secured, the collateral will be gone if you stop making payments.

Answer Applies to: Florida
Replied: 9/8/2011

Answer By Gary Lee Lane
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
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Yes.

Answer Applies to: California
Replied: 9/7/2011

Braunstein Law, PC
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If the bank has already taken possession of the house via a foreclosure sale, filing bankruptcy will not allow you to regain possession of the house.

Answer Applies to: Oregon
Replied: 9/7/2011

Answer By Jason W. Barger
The Barger Law Firm
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I'm sorry to hear that your house is in foreclosure. Unfortunately, once the foreclosure has started, you cannot keep the house through bankruptcy. If the foreclosure has only been filed but not finalized, then the filing of a Chapter 13 can give you some time to make arrangements with the lender, but once the foreclosure has been finalized, bankruptcy will not help you get your house back. One issue, however, is if there is debt still owed to the lender after the foreclosure: you will still be liable for the difference in what you owed and what the lender sells the property for in a sale. The debt is unsecured debt, which means they will have to sue you in court for the amount they allege you owe. For this reason, you may want to consult with a bankruptcy attorney.

Answer Applies to: Texas
Replied: 9/7/2011

Answer By Andrew Harris
Law Office of Andrew Harris
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You can file for bankruptcy after your home is foreclosed. However it sounds like the sale on your home has been finalized. At this point it doesn't sound feasible that you would be able to retain the house because if the foreclosure has been completed, it's no longer your home. Your best best is to talk to any attorney right away to find out if the foreclosure is finalized.

Answer Applies to: Oregon
Replied: 9/7/2011

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