How long does it take for a finance company to evict tenants once a property is relinquished thru bankruptcy?

I am about to begin my paperwork to file chapter 7 bankruptcy and was wondering how long it takes for the finance company to evict tenants from a relinquished property? i have renters there and want to give them notice about what is goin on so that I can try to avoid a law suit. i think the BK process takes about 90 days but was wondering as to how long i should tell my tenants they have before they are evicted. thanks in advance for your help

This entry was posted on Saturday, February 28th, 2009 at 4:12 pm and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

One Response to “How long does it take for a finance company to evict tenants once a property is relinquished thru bankruptcy?”

1. WHUFF Says:
   February 28th, 2009 at 7:32 pm

   The mortgage company would first have to get relief from the automatic stay to begin to foreclose on the property. Once a motion for relief is filed it will get set for a hearing (approx 30 days). Once relief has been granted the mortgage company will then start the foreclosure process (you may have at least 30 days, check with an attorney in your area to find the specific timeline).

   Also, if you are worried about a lawsuit from the tenants, you should list them as a creditor in your bankruptcy schedules.