SYRACUSE -- You've emptied your bank account. You've done all you can to save your home. Now what? It's a corner no homeowner ever wants to be backed into, and while it may seem like an extreme way to go, filing for bankruptcy may be the answer.

"Really, 13 is like a chapter of hope so to speak," said Bankruptcy Attorney Mary Fangio. She says Chapter 13 is useful if you've lost your job or had a loss in income that's going to be rectified. "Sometimes it does work out very well," Fangio said. "It's a way to get breathing space. You don't get harassing phone calls from other creditors, you're able to marshal your assets to get caught up on your mortgage and you're going to pay something to your other creditors."

Jane Cagwin with Common Fund Mortgage Group says from a lender's perspective, bankruptcy is never the route they want anyone to take. "But, in a lot of cases, by alleviating a lot of the other debt, you may be able to get back on track with your mortgage payment without any problem," Cagwin said.

A word of caution - bankruptcy has plenty of pitfalls. You'll have to work to recoup your credit score, and in most cases, you won't be able to think about home ownership for 3-plus years while you're paying off your debt. Depending on the severity of your case, Cagwin first suggests calling your lender to see if you can work on a payment plan. If that doesn't work, call a real estate agent and see if you can negotiate a short sale with your lender. If you feel bankruptcy is your only other option, gather up your most recent tax returns, and income records for at least the last 6 months, and find an attorney.

The real message experts want to stress is, while bankruptcy may be the way to go if you've gotten in way over your head, don't let it get that far. Get help even before you miss just one payment.