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Resources on Foreclosure, Credit & Debt, and Bankruptcy

How to File for Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

The New Bankruptcy: Will It Work for You?

Selling Your House in a Tough Market

Foreclosure: Articles and FAQs

Guide to Avoiding Foreclosure (HUD)

Avoiding Foreclosure: State Resources (HUD)

Foreclosure Survival Guide

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Foreclosure Survival Guide (1st Edition)

Using Chapter 7 Bankruptcy to Keep Your House

You can use Chapter 7 bankruptcy to save your house if:

  • you are current on your mortgage payments when you file (or you can get current in a hurry), and
  • your equity in the house (if any) is adequately protected by the exemption laws available to you in your state.

If you are not and can’t get current on your payments, Chapter 7 bankruptcy will be only a temporary remedy. The lender will be able to foreclose within two or three months. You should instead explore Chapter 13 bankruptcy, which provides a way for you to keep your house by spreading out your missed payments over several years. (See Ch. 5.)