FAQ: Can I Use Bankruptcy To Stop Foreclosure?
Yes, but there are limitations to this strategy. A chapter 7 will only delay a foreclosure for a short while until the creditor is able to file a motion for relief from the bankruptcy stay. Unless you are able to cure the default within a month or so of the bankruptcy, filing a chapter 7 probably won't do you much good.
A chapter 13 will allow you to pay the past due mortgage payments over a period of 3 years but you must still be able to make the regular monthly payments. If you can't do this, a chapter 13 probably won't work.
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