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I've seen people wait until nearly the last moment and then file for bankruptcy. In many cases it works and then all bets are off for quite a while. Once the bank gets the notice from the bankruptcy court the bank just puts the file into the pending bankruptcy file and waits. Then the owners wait out the bankruptcy process and withdraw the filing before completing the bankruptcy. After that, the bank continues the process but depending on workloads, it can take months. If the owners have a sharp lawyer (not judging ethics of lawyers) the bankruptcy filing can drag things out for over a year. There are asset discovery hearing, objections to the trustee assigned, attorney previously scheduled vacations, the vacations of the trustee, vacations and doctors appointments for the dogs, cats and lizards of everyone concerned. Never mind the failing health of the owners and so on.
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