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The website Real Estate Rama gives great advice on how bankruptcy can save your house from foreclosure.  This article is a great summary on the pros and cons of filing a chapter 13 bankruptcy. It goes over the basics of a chapter 13 (I.E. The Automatic Stay)  I especially like how they mention that you need to be honest with yourself.

Firstly, make an assessment of your current income in relation to your mortgage payments. You might have fallen behind due to one time expenses. Or, you can be falling behind due to a drop in income. In the event that you have enough ongoing income, then you may want to consider trying to keep your house from foreclosing because you can make the payments in the future. However, if  you are not going to be able to make the payments later on down the road, then it might be worthwhile to pursue other housing options. Take a realistic analysis of your current and expected financial situation in order to proceed with saving your home during a foreclosure. How Bankruptcy Can Stop Foreclosure On Your House | RealEstateRama

Introspection is one of the most overlooked aspects of bankruptcy.   If you don’t feel secure about your job or your income has been reduced you should seriously consider whether or not filing is right for you and your family.  Also, try not to let sentimentality influence your decision.  Granted, your house may bring you fond memories.  However,  worrying every month if you can make your house payments or not being able to afford a vacation dramatically reduces your quality of life.  In summary, only if you think you can realistically pay your future mortgage payments should you file a chapter 13 to save your house from foreclosure.