Either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy will immediately stop foreclosure. If you are delinquent on yourmortgage or car loan, if you want to keep your car or home, you will have to file a Chapter 13 Bankruptcy. If you do not intend to keep your car and/or home, you can forfeit them in bankruptcy. This may prevent the foreclosure or repossession from being reported on your credit report, but most importantly it will stop the immediate threat of repossession or foreclosure and give you time to think about what you really want to accomplish in your bankruptcy.
In a foreclosure, you will receive notice of a trustee sale or you will receive official service of a foreclosure. Most of the time inArizona it will be a notice of trustee sale. This is accomplished by having a process server bring an official copy of the document to yoru door and give it to you personally. A copy of the notice will also be taped to the door of the house to give notice to any tenant or peson living there. If you have received such a notice you should contact us immediately. A foreclosure will affect your credit worse than a simple bankruptcy. If you are facing a foreclosure, you need a bankruptcy attorney.