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Dayton Bankruptcy Law Blog

What you should know before buying a foreclosed home

You have discovered a property in a promising neighborhood that has several desirable amenities. The location allows a future buyer to have easy access to several local hotspots and the overall condition appears to be alright. However, the only problem is that the home is a foreclosure. At Kennel Zeigler LLC, we understand the risks that buyers face when looking to purchase foreclosed properties in Ohio.

A home that has been foreclosed may potentially provide you with several rewarding benefits including the fact that it may be priced-to-sell instead of what you would normally pay elsewhere. Depending on the home's condition, you may be able to get away without doing a whole lot of work which means saved resources and saved money. According to bankrate.com, foreclosures are different from your typical home purchase for any of the following reasons: 

  • You rarely will be able to negotiate below asking price. 
  • You will most likely need to sign a preapproval letter before the lender will accept your offer.
  • You will be responsible for all necessary repairs.

Is filing for bankruptcy bad or wrong?

When challenges occur in your life, some people rally to support you while others wag a judgmental finger. The way others react and think about you can deter you from making decisions that will help you during hard times. 

This reality is true for many people when it comes to bankruptcy. The stigma attached to this course of action may be causing you to hesitate to proceed. You may worry that it is a morally wrong thing to do or will hurt your reputation. The truth is that bankruptcy is an effective way to get out of debt, and getting out of debt is a positive, smart and courageous thing to do.

How to protect yourself against home foreclosure

For Ohio homeowners, one of the scariest experiences is struggling to make the house payment. Sometimes life happens, though, doesn't it? Husbands lose their jobs or have to take medical leave from an unexpected health crisis. Wives who typically provide income become incapacitated due to an accident or illness.

These things happen, and when they do, they are usually out of anyone's control. Medical bills can pile up fast, and so can other smaller expenses that have never before caused a homeowner to worry. Add the thought of losing the place that has been central for a family, and sleepless nights become a regular part of life. 

Am I eligible for Chapter 7 bankruptcy?

Your Chapter 7 eligibility depends on many things, including the median income in Ohio. While the process might not seem entirely straightforward to you at first, it is relatively simple once you look into the details. In fact, recent bankruptcy reforms have made it possible to provide much more accurate predictions as whether you do or do not qualify for Chapter 7.

The first thing you should probably do is determine whether you want to file under Chapter 7. This type of bankruptcy involves liquidation of your assets, potentially even including your home. Other sections of the bankruptcy code might be more appropriate if you would rather pay back your debts over time.

How does the bankruptcy means test work?

There are many different reasons you may be considering filing for bankruptcy in Ohio, and you may have questions about whether a Chapter 7 or a Chapter 13 bankruptcy might be right for you. While there are numerous differences between the two types, whether you are ultimately able to pursue a Chapter 7 bankruptcy will depend on whether you are able to pass what is known as the bankruptcy means test.

Essentially, per Nerdwallet, the bankruptcy means test determines whether you can work toward debt forgiveness through a Chapter 7 bankruptcy, or if you instead must do so via a Chapter 13 bankruptcy. To do so, the test assesses a number of areas to get a sense of how much disposable income you have available, including the size of your family, your income and your expenses. Please note, however, that the means test primarily covers consumer debts, so any business debts you may have typically will not factor in during the means test.

How to stop a sherrif's sale in Ohio

If you are facing a sheriff's sale in Ohio, then you have already advanced into the foreclosure process for the state. This is not necessarily a good thing, but it is important to keep in mind that your foreclosure, like many other legal or financial processes, requires time and multiple confirmations to proceed. There are many methods by which you might delay or prevent your home being auctioned off.

The Ohio Housing Finance Agency's Save the Dream project has a visualization of the foreclosure timeline online that you might find useful. On it, you might notice that your lender may file a foreclosure complaint after you miss three mortgage payments. Regardless of how your lender may word the letters they send you, all legitimate lenders are subject to certain rules limiting how they collect debts. Formal complaints may only be filed under certain circumstances.

Learn About the Advantages of Filing for Bankruptcy

Are you overwhelmed by credit card or medical debts? Are you just treading water financially, with nothing left at the end of the month? Bankruptcy is a smart option for those who need relief from the weight of a crushing debt load, setting you free to re-build your financial life.

3 reasons credit counseling may not be right for you

If you are having trouble sleeping and eating because you cannot figure out how to pay your bills, you are not alone. Many people in the Dayton area find themselves in hot water over their finances due to circumstances beyond their control. Though you are good with numbers and have a history of financial responsibility, your creditors are not accommodating or understanding of your hardship.

Your friends may have suggested that you enroll in a consumer credit counseling program to improve your ability to pay your debts. However, there are many limitations to these programs.

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