Bankruptcy may stop a foreclosure even if this is filed 30 seconds before the house is auctioned.
Bankruptcy still remains an option for homeowners to either stop a foreclosure dead in its tracks, reorganize debt, and establish a payment plan that can extend out 5 years. If for some reason you believe that you cannot stop the foreclosure with the above options, seek a Bankruptcy Attorney immediately. There are several steps that you must take before filing for Bankruptcy.
The 2 most common forms of Bankruptcy for homeowners are Chapter 7 and Chapter 13.
Chapter 7 is a liquidation of your debts; and a Chapter 13 is a repayment plan. Do not be misled into believing that Bankruptcy is no longer an option. This untruth and misconception has prevented many people from saving their homes by using this legal option.
Stop Foreclosure 