At DeSanto Law Firm we help individuals and families in and around Canfield, Youngstown, Boardman and Austintown, Ohio with legal matters including divorce, custody issues, estate planning, Chapter 7 and Chapter 13 bankruptcy proceedings. With more than 65 years of legal experience, our team provides skilled advocacy, dedication and accessibility to our clients. To speak with a lawyer at the firm contact us online or by calling 330-702-8800.
Stop Foreclosure on Your Home
The financial downturn has affected many individuals and families. In addition to dealing with credit card debt and the inability to pay bills, many families are facing the possibility of losing their homes. If your home is at risk of foreclosure, bankruptcy may be a way to delay the process, providing you time to negotiate with the lender or to bring your mortgage current. Bankruptcy initiates an automatic stay that will stop all debt collection activities, including foreclosure proceedings.
Once the bankruptcy case closes, or when the lender receives permission from the court, the bankruptcy court lifts the stay and the lender may proceed with foreclosure proceedings. The following describes how Chapter 13 and Chapter 7 affect a foreclosure:
Chapter 13 bankruptcy — Chapter 13 allows you to set up a repayment plan to pay off your past-due mortgage payments. You can propose the length of time for repayment, but keep in mind that you'll need sufficient income to pay your past-due payments in addition to your current mortgage payments at the same time. As long as you make all required payments for the length of the repayment plan, you will avoid foreclosure and be able to stay in your home.
Chapter 7 bankruptcy — Chapter 7 forgives your debts including any note or other obligation you may owe your bank or mortgage company. When you enter into a mortgage, you are agreeing to use your home as a type of collateral in case you default on your payments. Chapter 7 allows you to discharge your personal obligation to pay your bank or mortgage company, but leaves your mortgage intact.
Contact a Canfield Foreclosure Defense Attorney Today
At DeSanto Law Firm, we have guided many people through the bankruptcy process. Contact our office online or by calling 330-702-8800 to discuss your matter. Our office is conveniently located in Canfield, Ohio on Boardman-Canfield Road and our regular office hours are Monday through Friday from 9 a.m. to 5 p.m. with evening and weekend hours available by appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.