Foreclosure occurs when a homeowner is significantly behind on his/her mortgage payments –typically three or four months – at which point the bank holding the mortgage may begin the foreclosure process. If the bank has begun to attempt foreclosure by auctioning the property, and the homeowner does not have options such as loan forbearance or a “short sale,” you may benefit from filing for bankruptcy: Chapter 7 bankruptcy can potentially delay foreclosure for months, while Chapter 13 bankruptcy may save your home entirely.If you are in a difficult financial situation and at risk of losing your home, consider the many potential benefits of filing for bankruptcy. Through Chapter 7, you may have most of your debt discharged within six months, or through Chapter 13 (which may be mandatory if you are above a certain income level), you may have your debts consolidated into a new payment plan which will last three to five years.
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