Filing for bankruptcy can help you stop foreclosure sale immediately. Depending on the type of chapter you filed, the effect might be temporary or long-lasting. However, most homeowners file for bankruptcy to gain more time and get back on track with their mortgage payment. Filing for bankruptcy will help you stop foreclosure and give you the time to develop a more permanent solution.

With chapter 7 bankruptcy, you will have most of your debts forgiven except non-dischargeable debts. Chapter 7 bankruptcy will only stop foreclosure temporarily. However, your properties will be sold to pay off your debt (s), and that might include your home. Chapter 7 bankruptcy is most useful for homeowners who have other debts they want to get rid of and are willing to let go of their home.

Chapter 13 bankruptcy will also help you stop the foreclosure, but you will also save your home. Chapter 13 bankruptcy offers many benefits that chapter 7 bankruptcy does not offer. With chapter 13 bankruptcy, it is easier to get on track with your home as you can work out a new repayment plan with your lender.

Filing for bankruptcy is not something you should do on your own. Many homeowners make these mistakes and either derive themselves from fantastic benefits or loss of their homes. It is a legal process, and you will need a legal practitioner to help you through it for the best result. Although filing for bankruptcy can damage your credit score, it is far better than having your home foreclosed.

With bankruptcy, you can keep your home and build your credit score again. However, a foreclosure will give you a damaged credit score and also take your home from you. Filing for bankruptcy can only help you stop foreclosure sale provided you filed your petition before the sale was concluded. Don’t waste any more time. Contact your lawyer now and submit your petition.