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Transcript:
00:00:01 Can a bankruptcy stop a foreclosure? And the answer to that is absolutely. A bankruptcy once it is filed puts in place the automatic stay as long as you file the bankruptcy before the sale date that would be set at the very end of a foreclosure. So typically a foreclosure, there’s a complaint that gets filed. That’s the very beginning. And then in Illinois, the foreclosure process takes several months, many months. And up until the day before the sheriff sale, if you file a bankruptcy, you can stop a
00:00:30 foreclosure. Uh, typically you would file a chapter 13, which would be a repayment plan, which would then allow you to set up a payment plan of 3 to 5 years in length typically, where you would make your mortgage payments plus a chapter 13 bankruptcy payment, which would catch up your mortgage. And then at the end of the uh chapter 13 process, your mortgage would be completely caught up and you would avoid foreclosure altogether.