The answer, to this questions, depends upon what chapter bankruptcy you file and whether or not you are behind on your mortgage payments. If you are behind on your mortgage you can not save your house from foreclosure by filing a chapter 7 bankruptcy. However, you will be able to delay the foreclosure for a few months. So, when a chapter 7 is filed you will be able to live rent and mortgage free for around three months. But, the mortgage holder will eventually foreclose on your property.
When filing for a Chapter 7 bankruptcy, if you are up-to-date on your mortgage payments, you maybe able to keep your house. The ability to keep your house is dependent upon whether or not you filed for a homestead exemption. A homestead exemption allows you to save your house from the trustee when bankruptcy is filed. However, the maximum amount that can be saved, via a homestead exemption, varies from state. So, you need to contact a local attorney to find out the exact amount of your particular states homestead exemption.
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Assuming you have filed a homestead exemption a Chapter 13 Bankruptcy will allow you to save your personal property. A chapter 13, like a chapter 7 bankruptcy, will instantly stop all creditors from collecting on any past due debts. So, you will be able to stop a foreclosure. Additionally, by filing a Chapter 13 you can immediate stop a foreclosure and will be able to keep your house.
Under a chapter 13 bankruptcy you make an additional payments, from three to five years, to creditors. This is done by submitting a bankruptcy plan. Through that bankruptcy plan you can pay off any past due owed on your mortgage. Additionally, if you have a second mortgage, you can potentially strip that mortgage. So, by filing for a chapter 13 you will force the creditor to allow you to get caught up on your mortgage payments and you can even get out of paying for your second mortgage.
As always before filing for bankruptcy, or any major legal decision, you need to seek the advise of a an experienced bankruptcy lawyer. Do not be cheap. Go to a lawyer. After all, for a medical procedure you would hopefully not, in an attempt to save money, get surgery from a medical assistant. Somethings in life it does not pay to go for the low bid.
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