It depends. If you wish to keep the home, with Chapter 13 bankruptcy, you can stop foreclosure, resume payments, and cure the missed payments. If you have one mortgage and do not want the home, in most cases, the home simply goes back to the lender at the foreclosure sale with no deficiency judgment and there is no need to file a bankruptcy. If you have a second mortgage, the second may become an unsecured debt which could necessitate bankruptcy. This is a complex decision, but you have options. Give us a call and we will be happy to discuss them with you.