Can I file for bankruptcy to stop a foreclosure in Ohio?

If you're facing a foreclosure in Ohio and you're wondering if bankruptcy might be able to help, you're not alone. Many people in financial distress turn to bankruptcy as a way to stop a foreclosure and get a fresh start. But is bankruptcy the right choice for you?

First, it's important to understand what a foreclosure is and how it works. When you take out a mortgage to buy a home, you agree to pay back the loan according to the terms of your mortgage agreement. If you fail to make your mortgage payments, your lender can start a legal process called foreclosure to take back the property. In Ohio, lenders can start a foreclosure by filing a lawsuit in court and obtaining a court order to sell the property.

If you're facing a foreclosure, it's important to act quickly. The sooner you take steps to address your financial problems, the more options you'll have. One option you might consider is bankruptcy.

Bankruptcy is a legal process that allows you to either discharge (eliminate) your debts or reorganize them in a way that makes it easier for you to pay them off. There are two main types of bankruptcy that individuals can file: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is also known as a "liquidation" bankruptcy. It allows you to discharge most of your debts in exchange for giving up certain assets, such as your home, car, and other property. If you file for Chapter 7 bankruptcy, you may be able to stop a foreclosure on your home. However, you'll need to be current on your mortgage payments at the time you file, and you'll need to continue making your mortgage payments throughout the bankruptcy process. If you're unable to make your mortgage payments, you may still lose your home through the bankruptcy process.

Chapter 13 bankruptcy is also known as a "reorganization" bankruptcy. It allows you to catch up on missed mortgage payments over a period of three to five years. During this time, you'll need to make your regular mortgage payments, as well as make payments on the missed payments through your bankruptcy plan. If you successfully complete your bankruptcy plan, you may be able to keep your home.

So, can bankruptcy stop a foreclosure in Ohio? It's possible, but it depends on your specific situation and the type of bankruptcy you file. If you're behind on your mortgage payments and you're facing a foreclosure, bankruptcy might be able to give you some breathing room and a chance to catch up. However, it's important to understand that bankruptcy is a serious step and it's not right for everyone.

If you're considering bankruptcy as a way to stop a foreclosure, it's important to speak with a qualified bankruptcy attorney. They can help you understand your options and advise you on the best course of action for your specific situation.

At Doucet Co., LPA, our experienced bankruptcy attorneys are here to help you navigate the bankruptcy process and protect your rights. If you're facing a foreclosure in Ohio and you're wondering if bankruptcy might be able to help, we encourage you to call us at (888) 200-9824 to schedule a consultation.