Rosenberg, TX Bankruptcy Law Firms & Lawyers

You can file bankruptcy any time you want (assuming you are eligible to file under a given chapter). Whether it is "too late" or not depends on what it is you're trying to accomplish, and you don't provide enough information to even begin answering that question. For example, if your goal is to stop the foreclosure sale and use bankruptcy to catch up on the payments, then it is too late to file after the foreclosure sale has taken place. If your goal is to discharge any deficiency you owe under applicable state law after the foreclosure sale, then it's never too late to file, although there can be significant tax consequences depending on when you file your case.  You would need to discuss that with a tax attorney who has bankruptcy experience. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  

You can convert your chapter 7 bankruptcy to a chapter 13 bankruptcy. You should talk with your lawyer about whether doing so is in your best interests.

The bankruptcy is noted on your credit report for 10 yrs for notice purposes. You will be granted credit right after your discharge and can rebuild your credit your first year, however, the notice will be there for 10 years from the date of filing.