Whether you own or rent a home, the process of eviction can be a terrible experience. Already suffering from money problems and debt burdens, being evicted usually leads to further problems, financially. While you may be considering filing for bankruptcy to stop an eviction, there are a few things you should know.
Owning A Home
One of the most valuable resources of the bankruptcy process can be halting foreclosure proceedings on a home. After you file for bankruptcy the automatic stay order will halt the foreclosure process and prohibit any collection efforts while the debts are being resolved. This means that if you were served with an eviction notice prior to your filing, you may be eligible to stay in the home during the bankruptcy process. This depends on the date of your eviction, which is indicated on your eviction notice. Generally, you will be given 30 days to vacate the property once the foreclosure process has been initiated. If you are able to file for bankruptcy before the date of eviction, you will be safe for the time being. However, if you file after the eviction date, you are likely to find yourself and your belongings put out of the home by authorities.
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Renting A Home
Renting a property can complicate both the eviction process and bankruptcy process. If you are renting a home that ends up in foreclosure, you may be given very little notice of the impending foreclosure. Depending on communication from your landlord, you could find yourself with only 24 hours notice to vacate the premises. In this situation, bankruptcy would not be effective in halting the eviction process.
If you receive an eviction notice due to missed payments on your part, your landlord maintains the right to notify you of an impending eviction. Each state holds different laws regarding the amount of notification your landlord is required to give before an eviction. You may have anywhere between 24 hours to 30 days. Filing for bankruptcy may be able to halt an eviction if you can complete the filing before the date of eviction.
It is important to note that filing for bankruptcy is not a guarantee. In order to proceed with eviction your landlord must obtain a court order. If your landlord already obtained a court order before you filed, you will still be evicted unless your attorney can convince the court to lift the order. Timing is extremely important and you will need to file for bankruptcy before your landlord obtains a court order if you want the best chances of avoiding an eviction.
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