bankruptcy to avoid judgement

[mage lang="en|de|en" source="flickr"]bankruptcy to avoid judgement[/mage]

Need a handle on how long it takes to liquidate your borrowerÂ's collateral in Indiana? Since the foreclosure process officially begins with the filing of a complaint to begin my time there. A complaint can not be filed until a default under the terms of the real estate mortgage or personal property security agreement has given. Needless to say, many weeks if not months between the original loan and the decision on the application file can happen.

The schedule for the foreclosure process depends largely on whether and to what extent the borrower contests the action:

Uncontested Foreclosure: 4Â ½ – at least 6 months. If a debtor does not contest foreclosure companies (but not agree to a deed) in lieu, the process can move relatively quickly. Here are the main ones Steps and application ranges of time:

1. Filing of the complaint

2. Service of process on the debtor: occurs in 5-10 days, if not through the publication Service

3. Application for failure case: be sought 21-24 days after service of the summons

4. Entry of Judgment by default and the decree of foreclosure: Should be within approximately 30 days after filing the application

5. Praecipe for sale SheriffÂ, including notice of the same: the law can not be given, up to 3 months after the complaint

6. SheriffÂ's sale: happens about 45-90 days from Praecipe, depending on the town

Contested Foreclosure: 6-9 months minimum. Given the uncertainties of litigation, is virtually impossible to estimate ita, final, how long a contested Foreclosure can take a case. Much depends on just how clear the standard and the injury. Perhaps the most important factor relates to the time involved with workout negotiations. In this context, each case is different. Here are the most important steps in a fairly quickly contested foreclosure:

1. Filing of the complaint

2. Service the process to the debtor: occurs in 5-10 days unless service by publication

3. Appearance of attorney debtor and movement for one or more 30-day extensions of time to answer the Complaint: filed 20-23 days after service of process

4. Response to Complaint: filed 30 days after filing the appearance and the end of the last motion for extension

5. Motion order for payment procedure: can be immediately filed after the filing of the answer will

6. Oppose the motion for summary judgment: Due 30 days after submission of an application for summary judgment

7. Summary hear case: usually held 75-120 days following the request of the

8. Entry of the Court and the decree of foreclosure: occurs on the day of the oral Hearing or shortly thereafter, unless the motion vigorously contested with viable defense

9. Praecipe for sale SheriffÂ's: can immediately was filed after the entry of the Court of the adoption of more than 3 months have passed since the complaint filed

10. SheriffÂ's sale: takes place 45-90 Days from Praecipe, depending on the community

Judicial sales. Indiana law requires a judicial sale in order to rule out a mortgage. IC 32-29-7-4 rel = "nofollow" href = " # IC32-29-7-4"> ( org/legislative/ic/code/title32/ar29/ch7.html # IC32-29-7-4) is a nice option for creditors looking to accelerate after a sale. The law allows, under certain circumstances, the sheriff The sale will be conducted by a private auctioneer on behalf of civil sheriffÂ's. This may be advisable in counties without regularly scheduled Revenues sheriffÂ's. (I should note that, as personal property security interests, UCC / Article 9.1 and / or the terms of the agreement may A security may be the creditor the collateral without sale a sheriffÂ's back.)

Be prepared for delays. Although basic procedure is the same in Indiana, the timing can dramatically by the dockets of the various courts and are influenced and / or the schedules of individual Offices Civil SheriffsÂ. The times, defines the minimum time periods. The actual time is longer in the rule. This is especially true when several creditors are named in the complaint. Further, may, in cases where the debtor is represented by a lawyer denied, against lawyers to prolong the process, a variety of possibilities, including multiple applications for extension of time, applications for the discovery and vigorous challenges, a request for summary Verdict. In cases where candidates have to occur, a solution of the case may be delayed several months if not years. In addition, a bankruptcy may be, until the time of the sale Sheriff begins to wind up and can delay the foreclosure for an indeterminate period.

Depending on the objectives of the Lenders can push the lawyer for the lender in case aggressively against a sale. Or you may be advised to the more passive to give parties time to assess whether a Refinancing agreement may be accepted liability. The parties can be resolved, or the debtor can – to redeem real estate / IC § 2-29-7-7  rel = "nofollow" href = " # IC32-29-7-7"> ( org/legislative/ic/code/title32/ar29/ch7.html # IC32 -29-7-7), personal property / IC  § 26-1-9.1-623 ( # IC26-1-9 ,1-623) – prior to the sale or arrangement of the collateral. Debtors 'lawyers know this, be so donÂ't be surprised if a borrower waits until either shortly before its sale to file for bankruptcy protection, back or revenue to loans from the modifications lender conditions.

John D. Waller is a partner at the Indianapolis law firm of Wooden & McLaughlin LLP ( He publishes the blog Indiana Commercial Foreclosure Law at JohnÂ’s phone number is 317-639-6151, and his e-mail address is

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