Does filing for bankruptcy stop foreclosure proceedings?

Filing for bankruptcy in Hawaii does not necessarily stop foreclosure proceedings. Bankruptcy is a legal process that offers debtors protection from their creditors, but it does not necessarily stop a foreclosure. Depending on the type of bankruptcy filed, it may provide a debtor with relief from other debts that are preventing them from being able to pay their mortgage, or it may give the debtor a set amount of time to reorganize their finances in order to make payments and prevent a foreclosure. In a Chapter 7 bankruptcy, a debtor can discharge most of their debts, allowing them to more easily make payments on their mortgage. In a Chapter 13 bankruptcy, the debtor pays a reduced amount on their debts over a set period of time. Depending on the terms of the agreement, this can stop a foreclosure if the debtor makes their payments. However, bankruptcy will not necessarily stop a foreclosure if a debtor is unable to meet the terms of their agreement. It is important for debtors in Hawaii to consult an attorney before filing for bankruptcy in order to understand their legal rights and the potential implications of filing for bankruptcy. Ultimately, filing for bankruptcy in Hawaii will not stop a foreclosure but it may provide a debtor with enough time to restructure their finances in order to make payments and prevent a foreclosure.

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Does filing for bankruptcy stop foreclosure proceedings?

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