Does Filing Bankruptcy Stop Foreclosure on Your Home?
Can filing for bankruptcy be an effective way to avoid your home become a foreclosure?
Filing for bankruptcy can be an effective way to stop foreclosure, but it shouldn't be your first option when dealing with a potential foreclosure. Bankruptcy should be a last resort, only to be considered after you exhausted all other options for avoiding foreclosure, including working out a payment plan with your lender, refinancing your mortgage or selling your home. If none of these other steps are an option, than you can start considering whether or not to file for bankruptcy.