I get the question all the time from people asking me - can I really save my home by filing bankruptcy? Well the answer is a resounding YES, but there are other variables on the way, of course. This article looks closely at the option of filing bankruptcy to stop the foreclosure process.
When thinking of filing bankruptcy to stop foreclosure, the terms you should get used to include "Chapter 7" and Chapter 13.
With Chapter 7, things would have been so much easier because you could liquidate or have the mortgage lowered in exchange for you forfeiting some assets. Technically, this is more or less a forgiveness of you pecuniary sins and you get to keep the home - talk about stopping foreclosure in its tracks! But if you had to file under Chapter 13 of the code, you are still going to have to pay off all the monies that you owe to the mortgage firm, except at a set lowered amount per month. Usually, Chapter 13 gives you about three to five years to make up. It is something, but wouldn't you really have preferred Chapter 7? I know I would.
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Even when the law was passed, folks didn't really like it that much. Several leading consumer groups and bankruptcy attorneys thought it was a farce - a joke - because it really made life harder for a lot of homeowners. Naturally, the credit card and retail industries were all for it. It made it possible and easier for them to foreclose on various properties. That notwithstanding, it is still a window or opportunity for you to stop foreclosure, especially when you have tried all of the other options upstairs and failed.
There is a catch, though, if you are really considering filing for bankruptcy to stop the foreclosure proceedings before they ever set off. You are going to have to take a number of credit counseling sessions with a certified and experienced credit counselor before you may even start the filings. If you fail to complete the counseling program, your movement gets thrown out of court and you are right back where you started. It may be a bit onerous for a low income earner, but if it's what it takes to save your home and livelihood, you have got to do what you have to do.
In however small a way, bankruptcy does help; you just need to make sure that it really is the only remaining option before you start with it.
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