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Ohio Bankruptcy and Preventing Foreclosure



Saving Your Home From Foreclosure and Ohio Bankruptcy


Bankruptcy in Ohio can be an effective method to prevent foreclosure and keep you in your home. Whether you should look at filing for chapter 7 or chapter 13 bankruptcy will depend on several factors, including if your mortgage is current or can be brought current.


Chapter 7 Bankruptcy and Preventing Foreclosure

Saving your home from debt and preventing foreclosure through filing chapter 7 or chapter 13 bankruptcyHomeowners 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 by the time the bankruptcy petition is filed with the bankruptcy court. Keeping your home in a chapter 7 bankruptcy requires the debtor to be current on all mortgages and secured loans attached to the property. If the debtor is current on the mortgage, he or she may seek to reaffirm the secured debt in a chapter 7 bankruptcy. If the debtor is not current on the mortgage, the property must be surrendered or the debtor may need to seek relief and protection under chapter 13 bankruptcy.


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

Under the Ohio Homestead Exemption an individual bankruptcy filer in Ohio may exempt up to $132,900 of the equity in their home 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 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 creditors from pursuing collection efforts against you. This includes stopping your home from being sold at a foreclosure sale by the mortgage lender.


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.


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Sheppard Law Offices - Columbus

Sheppard Law Offices

The Columbus, Ohio bankruptcy debt relief and taxation law office of Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  Debt  & Tax needs of clients from  Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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