Even though experts will say that the economy is making a slow but discernible recovery, there are many people that are facing issues surrounding the past economic downturn. One of the major issues, and perhaps one of the issues that caused the downturn to be even more pronounced, was problems within the housing sector. Today, people are left to pick up the pieces and, unfortunately, many people are facing foreclosure simply because they haven’t been able to keep up with their mortgage payments. However, if you are facing Foreclosure in Dayton OH, you may have a few options to stop or avoid foreclosure altogether.
One of the things that you’ll notice, especially if you talk with a foreclosure attorney at the Business Name, is that if your financial situation has gotten to the point to where you’re unable to keep up with your mortgage payments, or your other debt related payments, bankruptcy may be the best option. In some cases, an attorney can look at your financial situation and recommend other courses of action that don’t involve bankruptcy. But, if bankruptcy is the only viable choice, here is how it can help you.
For most individuals, they’ll have the option of filing for either Chapter 13 or Chapter 7 bankruptcy. Depending on your financial situation, your attorney will usually recommend one of these two filings. If you’re facing a foreclosure, even if the foreclosure has begun, filing for Chapter 7 or Chapter 13 bankruptcy puts an immediate hold on the foreclosure proceedings.
Not only does bankruptcy help you to get your financial ducks in a row, it can help you come up with the money needed to get current on your mortgage or, in some cases, to renegotiate repayment amounts. This can help you to keep your home and after the bankruptcy process is over and it can help you get back on your feet financially speaking.
Simply because you’re facing Foreclosure in Dayton OH doesn’t mean that all hope is lost. With the help of an attorney, as well as help from the courts via bankruptcy proceedings, you may be able to save your house, restructure your finances and slowly crawl your way out of your financial hole into a better and brighter tomorrow.
