How late is too late to file bankruptcy in order to stop foreclosure?

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How late is too late to file bankruptcy in order to stop foreclosure?

Asked on May 17, 2011 under Bankruptcy Law, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am sorry for your situation.  The answer to this is generally yes, filing a Chapter 13 bankruptcy can indeed stay a foreclosure, but it depends on where in the process you are and there may be other issues to determine to see if this is right for you. A Chapter 13 is a reorganization and lets you - if possible - put together a repayment plan with the bank.  A Chapter 7 does allow for you to reaffirm a mortgage but again, someone would have to look at your situation in its entirety to give you an idea of which way to go.  Please get help.  Try your state attorney general's office or any other state program that may be available.  Good luck to you.


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