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Side Note: Certain decisions simply should not be rushed into. If you need to file bankruptcy to save your home from foreclosure, I personally recommend that you give your attorney at least six weeks of lead time. Why? Certainly not because it takes that long to prepare a case. However, there is a difference between filing a case and filing a case properly. If you actually want your case to go smoothly and succeed, you’re going to want your case filed properly. It doesn’t take six weeks to draft schedules or any of the other things involved in preparing a case. But you should give your attorney six weeks for two reasons. First – so your attorney isn’t rushed. So your attorney has plenty of time to review your case, to make sure that all T’s are crossed and I’s are dotted, to make sure that all supporting documents have been assembled, etc., etc., etc. The second reason is actually for your benefit. Rushing into Chapter 13 is a bad idea. It’s a 3-5 year commitment that requires adherence to a disciplined budget. Giving at least six weeks’ notice will give you ample time to prepare yourself for what you’re about to commit to.
Notwithstanding subsection (b)(2) and applicable nonbankruptcy law — a default with respect to, or that gave rise to, a lien on the debtor’s principal residence may be cured under paragraph (3) or (5) of subsection (b) until such residence is sold at a foreclosure sale that is conducted in accordance with applicable nonbankruptcy law.
Debtor defaulted on the monthly payments of his home mortgage with the creditor. The creditor commenced a foreclosure action and a court entered a judgment of foreclosure. After a six-month redemption period, the creditor purchased the property at a sheriff’s sale. Before the foreclosure sale could be confirmed by the state court, debtor filed a Chapter 13 petition. In his Chapter 13 plan, debtor proposed to resume making regular monthly payments to the creditor on the mortgage, and to pay the pre-petition arrearage through the Chapter 13 trustee. The creditor objected on the ground that debtor could no longer use Chapter 13 to cure the mortgage default and reinstate the mortgage. In overruling creditor’s objection, the court held that under state law debtors retained the right to redeem property at any time prior to sale, and that the sale occurred upon confirmation by the court. The court held that, because debtor could redeem after the foreclosure sale and before confirmation, debtor could cure his defaults utilizing 11 U.S.C.S. § 1322(c)(1).In re Wescott, 309 B.R. 308 (Bankr. E.D. Wis. 2004)