THE NEEDLEMAN LAW OFFICE
ATTORNEY SCOTT R. NEEDLEMAN
Columbus Ohio Bankruptcy
If you find yourself in a bad financial situation, you may soon realize that your mortgage lender has begun the foreclosure process. In short, you are not current on your payments. As a result, your lender is taking the necessary steps towards repossessing your home.
Fortunately, until your home is actually gone you can still save it. In Ohio, as well as in other states, one such way of doing so is by filing bankruptcy.
There are many benefits of this, including the fact that filing for chapter 7 or chapter 13 bankruptcy in Columbus Ohio brings foreclosure proceedings to a halt. Along with this, you can end the constant harassment from debt collectors, which may include phone calls from your lender.
Does this mean anybody who is facing foreclosure can use bankruptcy to their advantage? It is not this simple. For example, if you don’t have enough money to make your mortgage payment, bankruptcy in Columbus Ohio is not the answer. This is not going to lower your monthly payment or help you earn more money.
As noted above, the primary benefit of bankruptcy is the ability to halt the foreclosure process. Lenders are not permitted to foreclose or attempt to collect debt until the court permits them to do so.
With Chapter 7 bankruptcy, you can effectively delay the foreclosure process. That being said, this typically leads to the liquidation of most your assets. For this reason, borrowers generally lose their home as a result of a Chapter 7.
On the other side of things, you can consider a Chapter 13 bankruptcy in Columbus Ohio. This is more effective for people who are attempting to stop foreclosure and keep their home. They are given the time necessary to get their finances back on track (as long as five years). During this time, you will be placed on an income-based budget with monthly payments made to a trustee. A trustee is staffed with the responsibility of following the repayment plan, which places priority on secured debt.
If you are under the impression that filing bankruptcy in Columbus Ohio is a simple way to permanently stop foreclosure, you are mistaken. There is a lot that goes into this process, and as noted above you may not come out the other side as clean as you would like.
Are you confused as to which steps to take next? Do yourself a favor and contact a Columbus bankruptcy attorney who can explain the ins and outs of Chapter 7 and Chapter 13 as they relate to stopping foreclosure in Columbus Ohio.
Posted By: Danny Worth his weight in gold
The best Attorney i had and does'nt play games and straight forward. If it can be done he will get the job done. He did damage control on another well known inexperienced law firm in columbus (clowns) messed up. Scott you're the best!
Posted By: Stephen Very Pleased
Scott Needleman is a wealth of knowledge, his service was accurate and timely. The service provided exceed the price. Thank you.
Posted By: Candice Great Lawyer
He made me feel comfortable from the beginning. I'm so glad a friend suggested him to me. He made the process as easy as possible and I can't thank him enough for his help!
Posted By: William No non-sense
I hires Scott to do a chapter 13. He was/is current with revised laws, knowledgeable, tough and looks out for his customers. And he was a boxer. YIKES!
Posted By: Winfield Chapter 7 Bankruptcy Case
Scott did a good job when I had to file for bankruptcy. He helped me eliminate my credit card debt and it only took 4 months. It didn't take the entire 6 months that I was expecting.
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