Yes and no. Yes, petitioning for Chapter 7 or Chapter 13 bankruptcy can immediately delay foreclosure proceedings if the foreclosure sale has not already begun. Once your petition has been received, the court will grant an “automatic stay” for you to work out your case and create a plan for moving forward. During this time, lenders will be forbidden from continuing with foreclosure or even contacting you about late payments. In Chapter 13 bankruptcy, you will form a payment plan to catch up on late payments (arrears) and make timely payments into the future to resume good standing on your mortgage. Debts are not forgiven (discharged), so you will need to remain in good standing to keep your home.