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Keeping Your Home During Bankruptcy in Ohio

Barely keeping your bills and home afloat, filing bankruptcy can help you to keep your home and relieve the stress of endless creditor harassment

Keeping Your Home When Filing Bankruptcy

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

One factor is whether or not the mortgage payment is or can be brought current. Part of keeping your home In Chapter 7 Bankruptcy requires the filing of a reaffirmation agreement with the mortgage company; if you are not current on the mortgage payment the mortgage company will usually not allow reaffirmation of the debt. For this reason it can prove to be advantageous to file bankruptcy prior to being in arrears, thus getting rid of other debts and freeing up money to make the monthly mortgage payments.

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

The Homestead Exemption in Ohio: An individual bankruptcy filer in Ohio may exempt up to $21,625 of the equity in their home under the Homestead Exemption. For a married couple filing bankruptcy in Ohio jointly, the Homestead Exemption can be increased up to $43,250 of the equity in real or personal property where they or their dependents live.

Chapter 13 Bankruptcy and Preventing Foreclosure

If your home is in foreclosure or you are too far behind to catch up on the mortgage payments, Chapter 13 Bankruptcy may help to save your home. Chapter 13 debt reorganization allows the late mortgage payments to be made up in the debt repayment plan. If you have already been notified of foreclosure, it is not necessarily too late as the lender is required to give you notice that you are in default and that it wants to foreclose your home. Upon filing for Chapter 13 Bankruptcy an automatic stay prohibits most creditors from pursuing collection efforts against you. This includes stopping your home from being sold at a foreclosure sale by the mortgage lender.

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Are you in need of debt relief and unsure whether Chapter 7 or Chapter 13 bankruptcy is right for you? Contact Akron-Canton, Ohio Bankruptcy attorney Kenneth Sheppard, Jr. for a free consultation. When you schedule a consultation at Sheppard Law Offices you can expect to meet with an experienced, and compassionate debt relief attorney. For your convenience we have bankruptcy law offices in Columbus, Newark, and Mt. Vernon, Ohio. Attorney Sheppard will meet with you and discuss the needs of your particular case so you can recover from the stress of overwhelming debt. We provide affordable bankruptcy filing assistance for our clients.