One of the most common reasons one files for personal bankruptcy is to stay mortgage foreclosure. A Chapter 13 Bankruptcy, generally speaking, can be used as a repayment plan for mortgage arrears and other costs associated with falling behind on regular monthly mortgage payments, such as, interest, late fees, penalties and taxes. Moreover, once a mortgage foreclosure action is filed the attorney representing the mortgagee (Mortgage Company) accumulates legal fees which are within reason the responsibility of the homeowner. The aforementioned expenses are repaid through the Chapter 13 Bankruptcy Plan lasting between 3 and 5 years. However, the longer one waits to file, the greater the accumulated fees and costs are and therefore the higher the repayment plan. In conclusion, it is most advantageous for a homeowner to act as quickly as possible when faced with the possibility of losing their home. If you are facing mortgage foreclosure of tax sale or would like further information regarding bankruptcy law please contact our main office in Philadelphia, PA at 215-545-0008.