Can Bankruptcy Stop Foreclosure?
If you're facing foreclosure, you might be wondering if bankruptcy can help. The answer is maybe. It depends on what type of bankruptcy you file and what your goals are.
If you file Chapter 7 bankruptcy, it will stop the foreclosure process for a while. But, unless you can come up with the money to pay off the mortgage, the lender will eventually foreclose.
Chapter 13 bankruptcy stops foreclosure immediately. In a Chapter 13, you propose a repayment plan to the court and make payments to your trustee who then pays your creditors, including your mortgage lender. If you stick to the repayment plan, your home is safe from foreclosure.
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