Can I initiate a file for bankruptcy to save my home. I am in foreclosure; however, the home equity is much more than the mortgage loan payoff.

Yes, you may file for bankruptcy to save your home. You must file for chapter 13 bankruptcy, as chapter 7 bankruptcy will not allow you to save your home if your behind on payments. Since you're in foreclosure, obviously you must be behind on payments and chapter 13 bankruptcy would be the choice for you. In chapter 13 bankruptcy the automatic stay will stop the foreclosure and the bankruptcy will allow you 3 to 5 years to pay back the arrears of the mortgage that you owe while making your normal mortgage payment. This would be the best way for you to save your home with bankruptcy. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147