In today’s struggling economy, more and more homeowners are finding themselves underwater. The real estate market is rebounding in some areas, but not all. If you find yourself struggling to pay bills and are faced with the prospect of losing your home, it may be in your best interest to contact a bankruptcy lawyer in Tipp City OH.
There are a few different ways that a bankruptcy lawyer in Tipp City OH can help you keep your home. The first step is to examine your personal circumstances and perform a financial analysis. This may reveal that filing for bankruptcy isn’t your best option. In this case a bankruptcy lawyer can still help stop the foreclosure process by aggressively working with your mortgage company. There have been numerous changes to both bankruptcy and mortgage laws over the past few years. A bankruptcy attorney is well versed in these changes and has the knowledge and skills put them to work for you. You may even qualify to have your mortgage restructured according to these laws, which could enable you to remain in your current home at a rate that you can afford.
In more severe circumstances it may be in your best interest to file for bankruptcy. Many people are hesitant to even consider bankruptcy as an option because they think they will automatically lose their house. While Chapter 7 bankruptcy is a liquidation of assets, it does not mean that you will lose all of your material belongings. Rather, a judge will appoint a trustee to sell your assets and pay as much of your debt as possible from the proceeds. There are a number of state and federal bankruptcy laws, however, that make certain assets exempt from liquidation. These may include your home, your car and a small amount of money necessary for living expenses. Hiring an experienced bankruptcy lawyer in Tipp City OH can help you to retain even more assets by riling a petition in court.
You will usually be able to keep your home by filing for Chapter 13 bankruptcy as well. This type of bankruptcy is a reorganization of debt and does not require any liquidation of assets. The court restructures your debt using a mathematical formula to determine what you can afford to pay each month for a period ranging from three to five years. At the end of the time period, your remaining debts are forgiven. If you still fall behind on your mortgage payments during the allocated time, however, your mortgage company can initiate the foreclosure process.
Bankruptcy Lawyer Tipp City OH – The decision to file for bankruptcy is not an easy one to make. With the help of a highly skilled bankruptcy lawyer in Tipp City OH, however, it can be a little less stressful. Call a bankruptcy lawyer in Tipp City OH to discuss your options.
