Filing for bankruptcy protection has been all too common in recent years. The number of homeowners facing foreclosure has caused many people to consider whether filing for Chapter 13 Bankruptcy in Fairfield OH would be the best choice for them. It may be the best solution to a bad situation.
Do you qualify to file under Chapter 13 Bankruptcy in Fairfield OH?
* You must regular income to qualify for Chapter 13. The repayment plan will cover 3-5 years, so the applicant must have a steady job or other dependable income.
* How much disposable income would there be? Add up the payments made to credit cards and consider this disposable income since these payments would not be made during the bankruptcy. This money would be used by the Trustee to pay back mortgage payments. If there was anything left over, it would go to pay credit card bills.
* Why did the mortgage payments get so far behind? Did the money for scheduled payments that weren’t made get spent on other things?
* How much equity do you have in the house? Someone with substantial equity will work hard to keep the home. On the other hand, if someone is badly underwater with zero or negative equity, letting the home go in a foreclosure might be the best choice.
* How disciplined are you? Can you live on a tight budget for up to 5 years? Luxuries like expensive vacations or new cars won’t be possible.
* Do you owe money on income taxes? If so, these taxes will have to be repaid as part of the Chapter 13 repayment plan.
* Is there a second mortgage on the home? If so, it may be possible to cancel this second mortgage if there is negative equity.
Contact R. Dean Snyder Attorney to learn more about Chapter 13 and whether or not it would be the best solution. He has more than 20 years of experience in helping homeowners get a fresh start. Stop the foreclosure or the Sheriff’s sale. Stop the creditors constant phone calls. Get protection for IRS collection efforts. Don’t wait until it’s too late.
