I Am Facing Foreclosure And/or Eviction

A Chapter 7 will delay a foreclosure so that the property is not auctioned and sold on the sale date. But only temporarily. The lender is unable to proceed with the foreclosure until it gets a court order from the bankruptcy court authorizing it to proceed, or until the bankruptcy case is closed. Therefore, a Chapter 7 bankruptcy filing will help buy you time in your home as well as discharge your other debts.

In a Chapter 13 you keep everything you own while you make payments on your debt. The payment is based on many factors, including your income, your assets, and the amount of your debt. If you are behind on mortgage payments and being threatened with a foreclosure, a Chapter 13 reorganization will stop the upcoming foreclosure sale, allow you to get caught up on mortgage payments, and keep your home indefinitely. Â Unsecured debts, taxes, and car payments can also be resolved in a Chapter 13 bankruptcy.