Starting a Foreclosure Pre/Post Bankruptcy?

I made a 2nd loan that is technically in default (the borrower is past the balloon date), but the borrower has continued to make the monthly payments, so I have not forced the issue. If worse comes to worse, and the borrower does end up filing BK, would I be in a worse position for not having started my foreclosure prior to the borrower filing BK? Would I just need to get a "Relief from Stay" in either case or is there a benefit in starting a foreclosure now?

The property is not the borrower's primary residence and has good equity.

Thanks, Scott