By filing for bankruptcy, repossession and foreclosure are temporarily or permanently stopped. Ch. 7 only delays the foreclosure by a couple of months; to keep the property, you must figure out a way to get current or have the bank agree to modify the loan. With ch. 13 relief, you can permanently prevent foreclosure or repossession as long as you can keep up with the regular payments and pay back what you fell behind over the 36- or 60-month plan.