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Live rent free in Bullitt County…

Last week I was on my way back to my office in Bullitt County after appearing in Bankruptcy Court. My client had asked me about how a chapter 7 bankruptcy affects a foreclosure.

First, the filing of bankruptcy, in most cases, immediately starts the automatic stay. This means that I get notice of the bankruptcy to the Bullitt County courts and commissioner to stop the sale of the house. I file many bankruptcies the day or weekend before the sale for this very reason. Even if you plan on not keeping the house, filing will allow you to stay for a while without paying rent. This allows one a chance to save up and get ready to move.

What about moving? With bankruptcy filing, I regularly see foreclosures stalled for months. In my latest good example, my client filed bankruptcy in early September. The sale is set for the end of February by the Bullitt County Commissioner. My client probably won’t have to move until March. Filing bankruptcy let this client stay in his home for six months without paying a dime.

If my client had wanted to and he was financially able, he could have used bankruptcy to get caught up on missed payments. I’ll write more about that some other time. In this case, my client wanted out of the house. Normally, after the house is sold at the courthouse door, the mortgage company gets a deficiency judgment. This means the mortgage company can come after you for the balance owed on the loan after the sale of the house. Bankruptcy, unless you reaffirm the debt, cuts that off.

Bankruptcy, at least in my little corner of Bullitt County, can buy one six months of rent free living in addition to getting out from under a house someone can’t afford.


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The attorneys of Wantland Law in Shepherdsville, Kentucky, advise and represent individuals and families in bankruptcy cases and debtor-creditor negotiations in Bullitt County, Nelson County, Spencer County, Hardin County, Okolona, Jefferson County, Louisville, and such communities as Mount Washington, Brooks, Lebanon Junction, Bardstown, Taylorsville, Elizabethtown, Radcliff and Fort Knox.

The information on this Louisville kentucky Wantland Law / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. THIS IS AN ADVERTISEMENT.

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