Bankruptcy Mortgage: Can Filing Bankruptcy Stop Mortgage Foreclosure?

Chapter 13 and Chapter 7 Bankruptcy may be the best option for you if you are facing foreclosure. These chapters are designed to help people prevent foreclosure, repossession, wage garnishment and some lawsuits. When you file for bankruptcy, the “automatic stay” takes effect, and temporarily prevents the lender from proceeding with the foreclosure. Millions of people have turned to filing bankruptcy as a way to get out of debt, protect their hard-earned property, and get back on track.

Filing for Bankruptcy should be the last resort when no other solution to your financial difficulties. Filing Bankruptcy will help prevent a mortgage lender that is threatening foreclosure, in the event you have more liabilities than assets, and can no longer afford to make your regular mortgage payments, but still willing to continue making your mortgage payments at a reasonable repayment plan.

Filing for Bankruptcy is only a temporary fix that delays the foreclosure process. Eventually, if the mortgage continues to be unpaid, the home will be foreclosed.

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