Each house standing forlornly with a ‘For Sale by Bank’ sign on the front lawn is someone’s lost dream. In one home, someone lost a job. The next home with a similar sign might represent the homeowner’s struggle with daunting medical bills after a serious illness. On the next street, the ‘For Sale by Bank’ sign is the final period on the divorce decree.
A foreclosure is usually the last in a series of financial catastrophes. For most people, their personal stress level has risen so high by then that it can be very difficult to make well-thought-out decisions. There will not be any one-size-fits-all solution.
Most people facing foreclosure consider bankruptcy at some point. Some ultimately decide to go that route, some do not. However, it’s impossible for anyone to know whether bankruptcy would be a viable solution until the facts are known.
Both Chapter 7 and Chapter 13 bankruptcy will put the foreclosure on hold and prevent a Sheriff’s Sale for a few months. Bankruptcy law is complex, but homeowners who wish to try to save their home should learn more about Chapter 13 bankruptcy. Chapter 13 offers a number of advantages to homeowners facing Foreclosure in Hamilton OH. For homeowners with sufficient income, they can work out a repayment plan that will allow them to repay overdue mortgage payments while remaining current with the bank. In some cases, second and third mortgages can be cancelled.
The Chapter 13 bankruptcy process will last 3-5 years. A repayment plan will be drawn up by the debtor and approved by creditors and the court. The debtor(s) will be expected to live within a budget until the bankruptcy process has been completed. This isn’t easy there won’t be any expensive vacations – but they remain living in their home. People often have very strong, personal reasons for wanting to stay in their homes, making this all very worthwhile.
Time is of the essence. Contact an experienced bankruptcy attorney as early in the process as possible about a Foreclosure in Hamilton OH. As time passes, options become more limited. Contact Dean Snyder Attorney for a free consultation to explore the best solution for you. He has been helping those who need a fresh start through personal bankruptcy for over 20 years.
