A recent law review article Saving Homes? Bankruptcies and Loan Modifications in the Foreclosure Crisis provides evidence that Bankruptcy may not be the best route for homeowners facing imminent foreclosure, especially in Judicial Foreclosure states like Oregon. Raising defenses in state court foreclosure proceedings and using that legal leverage to negotiate a smart settlement agreement for homeowners remains the best chance for homeowners to save their homes. Many bankruptcy lawyers try to push struggling homeowners into Bankruptcy too soon. While Bankruptcy remains a valuable tool for lawyers representing homeowners facing foreclosure, its best value may very well be after state court proceedings are close to a finish.