For those considering bankruptcy, foreclosure is often one of the most difficult and worrisome aspects of this process. In short, filing for Chapter 13 or 7 will immediately stop the foreclosure process. However, it does not provide a long-term solution. For that, you and your attorney will need to work on finding the help you need. The good news is there are options and your attorney can help you to make this very hard decision. You do not have to do it alone.
What Will Happen
If you file for bankruptcy, this stops all legal action being taken against you by your creditors. This includes any lien or mortgage holders. However, if the foreclosure process is complete, it may be too late to stop this legal process. For most people, this can put an immediate freeze on legal actions, though. That is the good news.
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The bad news is you still have to figure out a way to pay your bills. The process will not forgive what you are behind on in your mortgage loan. You will still need to make your payments. However, your attorney now has the opportunity work with your lender to find out if there are any solutions to the situation. For example, you may qualify for a government program that encourages lenders to restructure loans to make them more affordable to buyers. You may be able to get help if you file Chapter 13 in getting caught up financially.
What You Need to Do
If you are in this situation, you need to take action right away. Determine if you have the means to pay your mortgage payment. If you have no income, it may be best to let the process take the home. No solution will allow those without income to keep a loan. If you do have the ability to pay but need help getting caught up, work with your attorney to get a loan modification. Some lenders will allow you to add time onto the end of the loan to get yourself caught up on the debt. This is not always available.
The fact is, getting rid of the debt you cannot pay through bankruptcy can be a very good thing for those who are struggling. It is not an automatic solution for avoiding foreclosure. Yet, it does buy you some time that you can then use to work with your lender to find a solution if one is available. If you have a steady job and the means to pay your debt, but you need help getting caught up, you are the ideal candidate for modification. Talk to your attorney about these options as well as whether or not filing is the right option for your needs.
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