One of my creditors has just told me they intend to lien my home. How long does this process take? I am afraid of jeapordizing the deal to sell my home.
Regards,
Josh
Answer: If you owe money to a creditor (say a credit card or bank), to place a lien on your home they must first take you to court, sue you, obtain a judgement, and then enforce that judgement by placing a lien on your home. In most cases that process takes a few months. In Ontario, to sue someone you must give them 21 days notice, so with court delays the entire process usually takes a few months.
However, sometimes actions move quicker than aniticipated, so you should consult a lawyer or bankruptcy trustee for further advice on dealing with your financial situation.
Labels: bankruptcy trustee
posted by Questions @ 5:20 PM
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