If you're having trouble making your house payments and the bank is threatening foreclosure, you might be considering filing for Chapter 7 Bankruptcy, and you're probably wondering whether bankruptcy will stop foreclosure. After all this is not an easy decision considering that your house is involved.
While filing a Chapter 7 Bankruptcy will briefly halt a foreclosure, there is not guarantee that bankruptcy will actually stop foreclosures. After you file for Chapter 7, an automatic stay is put into place to stop creditors from coming after you constantly until the court can step in and figure out what to do with what you own.
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If you file a Chapter 7 bankruptcy, you are saying that you have no way to pay your debts so you won't be working out a repayment program. Instead, the trustee can take your property and sell it to pay off some of your debts.
A certain amount of your home equity may be protected, though, depending on which state you live in. However, if you have a lot of equity in your home and only a small amount that is actually protected in your state through the homestead exemption, there is a good possibility that the bankruptcy trustee will sell your home, and you'll end up walking away with the whatever money was exempted because of the exemption, but you'll still lose your home.
Make sure to always speak to a bankruptcy attorney from your state before you make the final decision on filing for bankruptcy. And be open to other alternatives like loan modification for example.
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