Legalities of Foreclosure

Foreclosure after home Purchase

After the home-buying process, there can be unforeseeable circumstances which force a new homeowner to miss mortgage payments and fall behind. In the state of Ohio, after two or more missed mortgage payments, the foreclosure process will begin. To prevent losing your home, bankruptcy may be an option. While bankruptcy is in most cases a last resort, it may be necessary in order for you to keep your home. At Chris Wesner Law Office, we can guide you through the bankruptcy process and which choice is right for you.

What Type of Bankruptcy can I file:

foreclosure
Save your home from foreclosure

There are two types of bankruptcy, Chapter 7 and Chapter 13, from which a homeowner could benefit.

Under Chapter 7 bankruptcy, a trustee would turn the homeowner’s non-secured property into currency and distribute that money to creditors. The only downside to this is if your home is not exempted, you will lose it, as well as any other property not exempt, such as an automobile. Chapter 7 is a good option for those with few assets but an extraordinary amount of debt.

Chapter 13 bankruptcy is perhaps a better option for homeowners. Under Chapter 13, a court-sanctioned 3 to 5 year payment plan is set up based on your income, and all debt is compacted into one large sum. This is a good option if you want to keep your assets.

Will I lose my Home – Not if you don’t want to

Falling behind on mortgage payments does not mean you will lose your home. Bankruptcy is an option, and can allow you to save your home and other assets from being seized. At Chris Wesner Law, we are dedicated to offering the best assistance in our power, from legal consulting to representation when it comes to battling a foreclosure. Contact us online to schedule a free consultation.

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