Foreclosure and Bankruptcy are most times linked, as Bankruptcy is like a brake to put a halt on Foreclosure. For how long does Bankruptcy prevent Foreclosure? This depends on whether you are filing for either Chapter 7 or you want to do for Chapter 13, maybe you will be able to save your home with your regular monthly payments, and how the Lender is pushing the foreclosure process.

Chapter 7 is a much faster process compared to the chapter 13 bankruptcy. Chapter 7, in most cases, opens and closes in the space of six months. But if you file bankruptcy chapter 7, she chapters 13, the court will be forced to order, and auto stays to prevent the bank from foreclosing your house. This process also applies to file Bankruptcy before the date for the foreclosure sale.

If you are opt-in for Chapter 13 Bankruptcy, with possible your income below the average for a family, the chapter 13 payment option will run for three years. And if you are like some debtors, and your income is above average, the chapter 13 you filed will be scheduled for five years. The automatic stay saves your house from Foreclosure within the duration of the payment option, which is either three years or five years, provided you continue with the monthly payment of your mortgage during the term of the option.

But if your payment has defaulted, it will make the bank have the right to close your home; immediately, you manage to get an auto residence relief. But if you can fix your payment very quickly, the bank won’t be able to foreclose your house for the entire three to five years, and even any other period in the future.

Your emotions may be attached to your and home. You will be so willing to save it if you can’t be able to keep it from Foreclosure; filing a bankruptcy will not make the situation any better, though it can prolong the time, and that’s depending on the circumstance you find yourself, it can be valuable, please make sure it buys you the time needed before you are opt-in for the federal judicial approach. And if your attorney is telling you repeatedly to file bankruptcy, be patient the process to end, and find another reliable firm.