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Filing Chapter 13 bankruptcy to stop a sheriff sale

Financial challenges are stressful, but almost nothing is as disheartening as the threat of possibly losing your home. If you receive notice that your home is in foreclosure or notification of a sheriff sale, your situation is not beyond repair. The circumstances are serious, but with experienced guidance, you may be able to stop this process and even keep your home.

Many Ohio homeowners who find themselves in this situation have already attempted various options for resolving their financial situation. Once a person receives notification of a sheriff sale, it is very likely that bankruptcy is the only option by which he or she can stop it. Chapter 13 bankruptcy is a common, beneficial and practical choice for individuals with a regular income who are carrying a significant amount of mortgage debt.

When is it too late?

It is always beneficial for a person to seek counsel regarding his or her financial and legal options as soon as notices of foreclosure begin to arrive. While these threats are daunting, it may be wise to confront the situation head-on by exploring the various ways to deal with overwhelming debt. If the foreclosure process continues, it can result in the scheduled sale of your home.

It is still not too late to save your home, even on the morning of the sale. By filing for emergency bankruptcy, you may have a way to deal with your debt and retain your property.

How Chapter 13 can help you keep your home

Chapter 13 bankruptcy, also known as the wage earner's plan, offers many benefits for people who want to stay in their homes, even when behind on mortgage payments. This option allows people not eligible for Chapter 7 bankruptcy or those with a regular income to make a plan to repay their debts. It includes the following benefits:

  • Offers ability to pay delinquent mortgage payments over time
  • Allows for the rescheduling of other secured debts
  • Allows applicant to keep assets while paying off debts over a period of three to five years
  • May allow for complete discharge of second mortgages not backed by market value

Chapter 13 bankruptcy is not the best choice for everyone, but when faced with the imminent threat of losing your home, it may offer you relief and time needed to effectively confront your debt. You have the right to know your bankruptcy options, whether you just received your first past-due notice or it is the morning of a sheriff sale.

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