Well, bankruptcy has a feature
called automatic stay. Once you file bankruptcy, automatic stay is
imposed on judgments, collection efforts, wage garnishment, foreclosure,
etc. So bankruptcy can help to stop foreclosure as long as the house has
not yet been sold. Chapter 7 can postpone the foreclosure. But if you
want to keep your home, then file Chapter 13 bankruptcy.
Yes, it's possible! As soon as
you file bankruptcy, an automatic stay comes into effect! Unless the
judge gives the lender permission, no foreclosure can take place! But
make sure to consult a good attorney while filing bankruptcy!
If any one got in insolvency
then they stay on the judgment,collection efforts and foreclosure.So it
will help to stop foreclosure as long as the Bailiffs comes and sell
your house.So for keeping your house one need to file chapter
13.
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