Can Bankruptcy Stop Foreclosure? - PowerPoint PPT Presentation

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Can Bankruptcy Stop Foreclosure?

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There are many situations in which filling for bankruptcy can help stop the foreclosure process in Ohio. – PowerPoint PPT presentation

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Title: Can Bankruptcy Stop Foreclosure?


1
CAN BANKRUPTCY STOP FORECLOSURE?
2
There are many situations in which filing for
bankruptcy can help stop the foreclosure process
3
The Automatic Stay
4
Once you file for bankruptcy, creditors,
including your lenders, are not permitted to
proceed with collection activity
5
This may give you the time you need to straighten
things out
6
Chapter 7 or Chapter 13?
7
If you are filing bankruptcy as a means of
stopping foreclosure, it is best to opt for
Chapter 13
8
With Chapter 7, many people end up losing their
home
9
Not a Long Term Solution
While bankruptcy foreclosure for the time being,
this is only a long term solution
10
While bankruptcy can stop foreclosure for the
time being, this is only a long term solution if
you have enough money in the future to get back
on the right path
11
At some point, you will need to start making full
payments on time
12
DO YOU HAVE OTHER OPTIONS?
13
Bankruptcy may be an idea, but this is not
always the first strategy to consider
14
For example, You may be able to speak with your
lender About modifying your mortgage As opposed
to filing for bankruptcy
15
Look at the Big Picture
16
The ability to save your homefrom foreclosure
may be an advantage of bankruptcy, but there are
many drawbacks to consider as well
17
Look at the big picturebefore makinga final
decision
18
Hire a Bankruptcy Attorney
19
To ensure that you are making the right decision
and on the correct path, hire a bankruptcy
attorney who can explain your options and help
you decide which steps to take
20
Want to Know More about Bankruptcy and
Foreclosure In Ohio?
21
Content provided by Best Legal Practices
Click to visit thecolumbusbankruptcylawyer.com
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