Facing foreclosure can put homeowners under a lot of pressure. In an attempt to save their home, many homeowners will stop at nothing. You don’t want to make any decision under pressure as it can make you lose your home sooner than necessary. Filing for bankruptcy should be your last resort whenever you’re trying to stop foreclosure. You can explore a lot of options, such as loan modification, short sale, etc. However, if none of the options seems to help, you can proceed to file for bankruptcy. There are various chapters of bankruptcies available for your benefits. Chapter 13 is one of the most effective chapters of bankruptcy you can use to stop foreclosure.

Chapter 13 gives you more permanent relief, such that you won’t have to worry about foreclosure again. It does this by giving you the chance to catch up with your mortgage payment over three to five years. That’s more than any lender will be willing to accept without you filing for bankruptcy. Chapter 13 works best for homeowners will get back on track with their mortgage payment. Your lender will have no choice but to accept your repayment plan.

Chapter 13 bankruptcy also allows homeowners to keep their homes and continue with their payments. The reason why homeowners feel more comfortable with chapter 13 is that it let them keep their homes. Provided you have an excellent lawyer helping you with this process, and you will be able to avoid a lot of liabilities associated with filing for bankruptcy. Usually, a bankruptcy or foreclosure lawyer should be able to do an excellent job for you.

Although it’s not advisable to rush to file for bankruptcy, it’s still better to take action on time. The reason is that the longer you wait, the more charges you will have to pay up later.