Bankruptcy doesn’t exactly stop foreclosure, but it does give you more time to pay back your payments over a longer period of time. After the bank schedules a foreclosure auction, you must file for Chapter 13 bankruptcy as soon as possible, as it will stop the foreclosure auction. Through your Chapter 13 plan, you will be able to repay the missed mortgage payments over time, instead of all at once. Additionally, if you want to sell your home, Chapter 13 provides you with extra time to put it on the market and sell your property.