The most common type of bankruptcy (Chapter 7) stops a foreclosure (in Alaska, if done before the date of foreclosure sale) but does so only temporarily.

A second type of bankruptcy (Chapter 13) not only stops the foreclosure but may provide a method by which you can pay back your late payments over three to five years. This assumes you have enough income to keep up with the current payments and to pay some amount to the court on the back payments. To see if you qualify, consult with an attorney well before the foreclosure date.

Please do not assume that your lender or mortgage company will rewrite the loan. If you are more than 2 or 3 months late, chances are the lender will not work with you. Try the lender first, but do not delay speaking with a bankruptcy attorney if your efforts are not very quickly successful.

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