On Aug. 3, 2007, the United States Court of Appeals for the Third Circuit broke what it called a 'virtual tie' among the New Jersey bankruptcy and district courts over the application of Bankruptcy Code section 1322(c)(1): whether a Chapter 13 debtor can cure a default on a mortgage secured by the debtor's principal residence between the time the residence is sold at a foreclosure sale and the time the deed is delivered to the successful bidder.
The Gavel Falls
The use of bankruptcy to protect an individual's home from foreclosure is sufficiently commonplace that practitioners would be well advised to understand the foreclosure process in their state and, in particular, when that process will be deemed completed for purposes of section 1322. This article explains why.
By
Jeff J. Friedman And Merritt A. PardiniThis premium content is locked for The Bankruptcy Strategist subscribers only
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