Sheppard Law Offices
Columbus, Ohio Bankruptcy Attorney Kenneth L. Sheppard, Jr.
FREE Debt Relief & Bankruptcy Consultation
FREE Debt Relief Consultation Call (614) 523-3106 or (877) 505-9455
Sheppard Law Offices
TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (614) 523-3106
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.
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 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.
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.
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.
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
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
We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.