No. You do not need to attend this hearing if you have an attorney. The court will not listen to you even if you go. If you have a reason to resist the motion, please call your attorney to discuss what actions may be taken .
As soon as you filed for bankruptcy, the court protected you from just about all types of collection efforts. This protection is called the “automatic stay.” While the automatic stay is protecting you, secured creditors cannot repossess property that they have sold you. You already know that to keep secured property in bankruptcy you need to stay current on the secured loans. If you fall behind, the creditor can ask the court to allow it to repossess the collateral. This request is called a Motion for Relief from the Automatic Stay.
A lot of clients come in worrying about their house being in danger of immediate foreclosure. By filing for bankruptcy at any time during the foreclosure process, you automatically pause this procedure and protect your home for a limited time. Here is a basic breakdown of the timeline of a typical foreclosure:
For many borrowers, the choice of whether to file bankruptcy depends on a determination of whether a home-owner will be liable for debt on his home following foreclosure.
California has enacted a very strong law protecting home-owners from deficiency judgments following a foreclosure. This is called the anti-deficiency statute or non-recourse statute. It says, in sum, that borrowers who take:
1. purchase money loans 2. on an owner-occupied residence
Submitted by Anonymous on Wed, 11/11/2009 - 10:43pm
It’s official. We’ve stopped making payments on our house. If we can’t find a buyer it’s going to be foreclosure for us at least, and probably bankruptcy as well.
The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.
