If you are filing bankruptcy to save your home from foreclosure, it must be done prior to the sheriff sale. That is the point of no return or "drop dead date." Once that happens, the only way to keep the home is to pay off the mortgage balance within the 10-day redemption period under New Jersey law, following the sale. Naturally, unless you are trying to conclude a refinancing, that solution is not a very practical one.
The good news is that your home does not go to sheriff sale immediately after the bank starts foreclosure proceedings. It takes several months to a year to get to that point. This offers you some time to save the home through a bankruptcy. However, I would recommend that you file as soon as possible, since every month you wait makes the arrearage that much bigger. Learn more.