For those thinking about filing bankruptcy to stop foreclosure, there are several important things to consider. When a house is foreclosed upon, you can lose the property and be evicted in a rather short amount of time. A bankruptcy filing automatically stops this action for the duration of the case, which could be four to six months.
To keep your house, your best chance is filing Chapter 13 bankruptcy. In a Chapter 7 bankruptcy case, your major assets - including any equity in your home - are sold by the federal government to offset the losses of all your creditors.
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A Chapter 13 case will require you to have less than $300,000 in unsecured debt, and if you owe more than around $750,000 on your house you cannot use bankruptcy in an attempt to save your home. Unlike Chapter 7, Chapter 13 is open to more people regardless of income.
However, you have to undergo a court-supervised repayment plan of your non-mortgage debts, such as credit cards and personal loans. The court will not let you get any new credit during your Chapter 13 plan without its permission, and also usually requires you pay off your consumer debts (including any vehicle loans) within three to five years.
Thinking about bankruptcy to stop foreclosure only will work if you can make the house payments in the near future or need to buy a few months time to come up with more cash or a new place to live. If you are already in foreclosure, you may be able to temporarily stop the action but will need an attorney in many cases.
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