You are behind on your mortgage payments and foreclosure is looming. Alternatives to foreclosure are a short sale, loan forbearance, and a deed in lieu of foreclosure. When none of these alternatives are possible there might be one option you might not know about: filing for bankruptcy. Many people have been able to keep their homes by filing for bankruptcy at just the right time.

Once your lender starts the legal steps to foreclose on your home, it usually takes three to four months before the property is put up for auction. Filing for either Chapter 13 bankruptcy or Chapter 7 bankruptcy, requires the court to issue the order for relief, which puts an automatic stay to the foreclosure proceedings. Part of the automatic stay is a directive for all of your creditors to stop trying to collect from you the moment the order is issued. While the bankruptcy is pending, the foreclosure is postponed.

There are some time-sensitive issues associated with filing for bankruptcy, during the foreclosure process, which the Liviakis Law Firm can help you with. We will help you to know if this is a viable option for you. No debt problems are too complex for our bankruptcy attorneys.