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