Yes, bankruptcy can be used as a tool to avoid a property sale. BUT, not always. We would need a much more in-depth knowledge of your situation, especially when it comes to Chapter 11. This is a complex question that would require a lot of analysis before answering.
My law partner represents clients in Chapter 11 bankruptcies. Call us for a free consultation. You may need an emergency filing.
What state is the property located in? Generally speaking, the filing of the Chapter 11 petition before a sheriff's sale will stop the sale, however, as my colleges have pointed out, whether you are able to save this property long term is a function of a number of other facts. My answer may also change depending on what state law says with respect to this issue as well, which varies from state to state.
If you actually had a judicial foreclosure here (uncommon, but they exist), then yes, you can file before sale. Similarly, an 11 filed here can stop a sale in another state.
You *really* need experienced counsel before diving into an 11, and you need to understand what will be happening and the limits of Chapter 11.
We can usually get people in for a consultation the same or next day.