Will Bankruptcy Stop My Foreclosure?
Be wary of sales people telling you that a bankruptcy will stop your foreclosure because they may not be telling you the whole truth.
A bankruptcy carries with it an automatic stay which stops all creditors for pursuing their credit claims against you as the debtor. This means that a bankruptcy can temporarily stall (NOT STOP) your foreclosure.
In other words, if your lender can go into the bankruptcy court to argue to the judge why they should foreclose, the judge may grant the lender permission to foreclose. Also, when your bankruptcy discharges or gets dismissed the lender will usually pick up where they left off on the foreclosure process.
So “no” a bankruptcy will not stop foreclosure but it will stall it for a short period of time. If your interest in stopping foreclosure there are other option readily available to you that may accomplish this need.
Call Legal Solutions 2 U at (855) 77 LAW 2 U (855-775-2928) to discuss your options on stopping foreclosure the right way.