Filing for Chapter 7 or Chapter 13 relief enacts an immediate and automatic stay, which prevents creditors from taking action against you, without first having the permission of the bankruptcy court to do so.  It is rarely in the interests of a mortgage holder to initiate foreclosure proceedings, as they stand a much better chance of being paid the money owed to them by working with the bankrupt homeowner.  An experienced bankruptcy attorney can assist you in choosing the best available option, based on your financial situation and your desire to keep your home.

Every financial situation is unique and an experienced bankruptcy attorney can review your circumstances, assess your financial situation and advise you as to the advantages and disadvantages of each of your available options.