CAN BANKRUPTCY DELAY A FORECLOSURE?

Yes, a bankruptcy can delay a foreclosure, but how long is a different question.  When a bankruptcy petition is filed, all ongoing litigation and collection activities must be stopped due to the automatic stay.  A lender involved in a foreclosure must comply with this requirement as well.  The automatic stay usually remains in effect for the length of the bankruptcy, which can be at least a couple months. However, if a lender that has started the foreclosure proceedings and does not believe the debtor will be attempting to keep the property, they can file a Motion to Lift the Automatic Stay, which would allow them to continue with the foreclosure proceedings.  As a result, a bankruptcy may only delay a foreclosure a couple weeks or a month in some instances, while it can delay the process several months in other cases.  Contact a bankruptcy attorney below for additional information.

http://www.westmontattorneys.com/Bankruptcy/

CAN I WITHDRAW A BANKRUPTCY PETITION ONCE IT IS FILED?

The bankruptcy code details exactly when a debtor can withdraw a petition that is filed with the bankruptcy court.  In order to be allowed to withdraw, a petition must be filed and approved by the court itself.  The major issue the court considers is whether the creditors will be prejudiced by allow the debtor to withdraw, however, the court will consider other factors as well.  If you are considering withdrawing a petition, contact your bankruptcy lawyer for more information on if you may qualify.

http://www.westmontattorneys.com/Bankruptcy/