During these tough economic times, many people are facing the prospect of home foreclosure.  When this occurs, these people face a number of option. 

They could borrow money from relatives, take out new debt at lower interest rates, or borrow money from relatives. While these options may act as a short-term fix, another option is filing for bankruptcy. 

Once an individual or family files for bankruptcy, the court will likely issue an automatic stay. This provision will typically postpone the foreclosure and give bankruptcy filers time to prevent the foreclosure. 

The exact ramifications for preventing foreclosure generally depend on the type of bankruptcy filing. If you or anyone you know is facing the threat of foreclosure, contact the Arizona bankruptcy lawyers of the Harmon Law Office at 480-829-0494.