A bankruptcy can be an effective way to avoid or delay a foreclosure. If you are behind on your payments, but are still earning income, you can file a Chapter 13 bankruptcy in order to allow yourself time to "catch up" on your mortgage payments. A Chapter 13 bankruptcy could allow you up to 60 months to pay off any previous unpaid mortgages or penalties. If you are prepared to surrender your property back to the lender, but just want to delay the process a few months so you can get everything in order, a Chapter 7 bankruptcy may be your answer. While a Chapter 7 bankruptcy is ongoing, a lender cannot proceed with a foreclosure case due to the automatic stay, and as a result, you will be able to continue residing in your property for a feww extra months. Please consult an experienced bankruptcy attorney before proceeding with any of these avenues in order to ensure you know what to expect in the end.
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