Bankruptcy Stay Has Limited Term

Although bankruptcy entitles the filer to an automatic stay, the term of the stay is limited. In the event a debtor's case is dismissed by the bankruptcy court the automatic stay is lifted and the property is once again subject to foreclosure. In the event an appeal of the denial is filed, the stay may be extended during the term of the appeal but only in the event the debtor can demonstrate a likelihood of success on appeal. If you are facing foreclosure, considering bankruptcy or an appeal in a bankruptcy matter, you should seek experienced legal counsel immediately in order to protect your rights. For more information on foreclosure, bankruptcy or other consumer debt related matters in New Jersey visit TheNJBankruptcyAttorney.com. This blog is for informational purposes only and in no way intended to replace the advice of an attorney regarding your specific matter.