Columbus Ohio Bankruptcy Lawyers, Sheppard Law Offices Co., L.P.A. BBB Business Review
Bankruptcy Attorney serving Akron, Canton, Massilin, Dover, New Philidalphia, and throughout Tuscarawas, Summit, and Stark County. 330-409-2876

Sheppard Law Offices

 

Canton, Ohio Bankruptcy Attorney Kenneth L. Sheppard, Jr.

 Bankruptcy attorney serving central Ohio and the Akron-Canton area and throughout Tuscarawas, Summit and Stark County , Sheppard Law Offices Co., L.P.A. BBB Business Review

FREE Debt Relief & Bankruptcy Consultation

(330) 409-2876  or  (877) 505-9455

 

FREE Debt Relief Consultation Call (330) 409-2876 or (877) 505-9455

Sheppard Law Offices

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Preventing Foreclosure and Ohio Bankruptcy

TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (330) 409-2876

 

Saving a Home From Foreclosure with Bankruptcy in Ohio

 

In Ohio, bankruptcy can be an effective way to prevent home foreclosure and keep you in your house. Whether to consider filing for chapter 7 or chapter 13 bankruptcy depends on several factors, including if your mortgage is current or can be brought current.

 

Attorney for prevention of home being foreclosed on in Canton, Ohio. Also serving Akron, Massillon, Dover, New Philadelphia, Alliance, Navarre

Chapter 7 Bankruptcy and Foreclosure Prevention

Homeowners filing for Chapter 7 Bankruptcy protection in the state of Ohio may keep their home depending on certain circumstances.

 

Circumstances include if mortgage payment is current or can be brought up to date prior to the bankruptcy petition filing with the bankruptcy court. Keeping a home through a chapter 7 bankruptcy requires the debtor to be current on any mortgages or other secured debts attached to the property. If current on the mortgage, you may seek to reaffirm the secured debt in a chapter 7 bankruptcy filing. If your mortgage payments are not current, the property must be surrendered if filing chapter 7 bankruptcy or the you may need to seek relief and protection under chapter 13 bankruptcy.

 

Another consideration is the amount of equity in the home. The bankruptcy trustee will determine whether the home should be sold in order to use the proceeds to pay unsecured creditors. This, however may be countered with the Ohio Homestead Exemption.

 

The Homestead Exemption in Ohio

Under the Ohio Homestead Exemption an individual bankruptcy filer in Ohio may exempt up to $132,900 of the equity in their home. This increased substantially under the new Ohio Homestead Exemption as of April 13, 2013. For a married couple filing bankruptcy in Ohio jointly, the Ohio Homestead Exemption may be increased up to $265,800 of the equity in real or personal property where they or their dependents live.

Read More on The Ohio Homestead Exemption

 

Chapter 13 Bankruptcy and Preventing Foreclosure

If your home is already in foreclosure or you are too far behind on the mortgage payments to catch up, chapter 13 bankruptcy could save your home. Filing a Chapter 13 debt repayment plan  can allow late mortgage payments to be made up as part of the chapter 13 bankruptcy plan. If you have already received notification of foreclosure, it is important to contact Canton, Ohio bankruptcy attorney today, as the lender is required to give you notice that you are in default and that it intends to foreclose on your home. As soon as the Chapter 13 Bankruptcy is filed, an automatic stay prohibits creditors from pursuing collection efforts against you. This includes stopping your Akron-Canton area Ohio home from being sold at a foreclosure sale

 

The most important thing to know about saving your home from foreclosure by utilizing Chapter 13 of the U.S. Bankruptcy Code is that a debtor’s Chapter 13 petition must be filed prior to the date of the sheriff sale. If a decree of foreclosure has been ordered by the state court, but the sheriff sale has not yet taken place, the debtor can still save his or her house by filing for Chapter 13 bankruptcy.

 

Tax Relief, Debt Relief, and Bankruptcy Filing office in Canton, Ohio

Sheppard Law Offices

Canton, Ohio Office

Belden Village Tower, 200

Canton, Ohio 44718

Tel: (330) 409-2876

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Tel: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Tel: (740) 345-7138

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Tel: (740) 392-0404

We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.

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Sheppard Law Offices, LPA is conveniently located and serving chapter 7 and chapter 13 bankruptcy clients in Canton, Ohio. Our office is a short drive from throughout Stark, Tuscarawas, and Summit Counties. We regularly provide debt relief solutions to clients from Akron, Canton, North Canton, Massillon, Dover, New Philadelphia, Alliance, Navarre, Strasburg, Ballivor, Jackson Township, Canal Fulton, Barberton, Greenlawn, Medina, Wooster, Orrville, Dalton, Minerva, Ashland, Wadsworth, Carrollton, Dundee, Millersburg, Hartville, Doylestown, Green, Uniontown, Salem, Columbiana, Uniontown, and throughout Ohio.