Probably the first thing to know about bankruptcy and foreclosure is that filing a bankruptcy will often delay or stop a foreclosure action.  This allows the homeowner time to vacate the home or propose a reorganization plan to catch up the payments. Something that you may not know is that there are a few exceptions to the automatic stay that stops the foreclosure.  Furthermore, the type of bankruptcy case you file will affect how the foreclosure is treated going forward.

For more about foreclosures and bankruptcy read, “Bankruptcy and Foreclosure: 5 Things to Know.”