ch 13 to postpone foreclosure sale?

Does anyone know what the ramifications are for the seller if they were to file ch 13 in order to postpone the foreclosure auction date of their home? I know it will allow the postponement but I have been also told that even when the ch 13 is dismissed, it stills shows on their credit report as dismissed. auction is 10/31 and no buyer yet. any help would be precious…Sheila

Have you already spoken to a BK attorney? The new law requires credit counseling and other hoops to get relief.

Have you called the “We Buy Houses” people? They could negotiate a short sale for you. That would avoid bankruptcy.

There would be no reason not to file the chapter 13 to give you enough time to get the short sale completed, since the auction is so close on 10-31. You need to get that paper work together. You cant complete a short sale in 8 days under normal circumstances. You need more time, the bankruptcy can buy you time.