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Filing a Chapter 7 or a Chapter 13 bankruptcy immediately enters an automatic stay. In a Chapter 7 bankruptcy, the automatic stay is temporary and can be lifted by the mortgage company. If you are unable to make your mortgage payments, you may still lose your home to foreclosure.
The automatic stay in a Chapter 13 bankruptcy operates a little differently. Chapter 13 bankruptcy gives you time to pay missed or late payments over a three to five year period. While you will be required to pay some of your unsecured debts such as medical bills or credit cards, you can pay them over a period of time — the repayment is usually pennies on the dollar. If you owe a second mortgage or a home equity line of credit, you may be able to pay back less than you owe. If you successfully make your payments on time under the Chapter 13 plan, all your remaining unsecured debts will be discharged (i.e., forgiven and not to be repaid) at the end of the plan.
Federal bankruptcy laws were designed to protect you from creditors, help you keep your home, and give you a fresh start to financial control.
