Filing Chapter 7 Bankruptcy Will not Save You from Foreclosure

Filing Chapter 7  Bankruptcy Will not Save You from Foreclosure

1)  Filing bankruptcy does not stop the bank permanently from foreclosing on your house

2) Even if your home is discharged

3) Sometimes your lender will wait until your bankruptcy is closed to continue or even start the foreclosure process

4) Or the lender will file paperwork to have the bankruptcy court allow it to take the property out of bankruptcy protection and continue with the sale

5) Until the property is back in the possession of the bank you are the legal owner

6) Banks can only take property in 2 ways –

     a)  Deed in lieu of foreclosure

     b)  Foreclosure proceeding

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