Legal Question in Bankruptcy in Kentucky

Home in foreclosure, we received a notice of sale last week. Is it still possible to save our home by filing chapter 13? Talked to banks attorney today told we had to come up with entire $57000. Was told a couple of months ago if we could come up with all late payments and fees etc to get current with payments that we we could file chapter 7 and reaffirm loan with bank. Now being told we have to come up with entire amount of loan. Can we still save home? Was told we had up unto day of sale. Maybe a couple of months away. We were able to come up with the late amount, but no way can we come up with another $40000+. We live in ky, house is worth about $110000. We owe $57000+

Asked on 11/05/12, 1:52 pm

2 Answers from Attorneys

Steven Schiller Steven L. Schiller, Attorney at Law
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It's possible to stop the foreclosure sale, but only if you file a chapter 13 bankruptcy before the sale occurs. You must move quickly. If you would like to discuss I would be happy to meet with you for a no charge consultation. Call me right away to set up a time.

Steven Schiller

Attorney at Law

4 W. Fourth St. #200

Newport KY 41071


[email protected]

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Answered on 11/05/12, 6:02 pm
Gregory Napier Troutman & Napier, PLLC
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Yes, you can file Chapter 13 and save the house IF you are able to pay all the ARREARS on the house over the course of 60 months as well as begin paying the ongoing house payment again. If you live in the Bluegrass area of Kentucky, then I would be glad to meet and consult on the details. You need to file before the Master Commissioner sale occurs.

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Answered on 11/06/12, 8:04 am

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