» Chapter 13

Depending on the date you purchased your Car, it may be possible to pay for the Car in a Chapter 13 Bankruptcy at its Fair Market Value rather than the Actual Amount you Owe on your Car Loan. For example, if you owe $20,000.00 on a Car that is only worth $8,000.00, you may be able to keep the Car and only pay $8,000.00 to the Creditor over a period of 3 to 5 years. Of course, in the process you will save $12,000.00 plus Interest.

Regardless of how far behind you are on car payments, you can keep your Car by filing Chapter 13 Bankruptcy. This is still true even if the car has been repossessed. Provided you file Chapter 13 Bankruptcy prior to the car being sold at Auction, the Creditor must return you vehicle to you. Furthermore, you will not be required to cure the default in a lump-sum payment. In addition, you may be able to save an incredible amount of money by reducing the interest rate of your loan and, in certain circumstances, the actual amount you owe on the loan.

Depending on the value of your Home and the amounts you owe on your 1st Mortgage, it may be possible to Discharge your 2nd Mortgage in a Chapter 13 Bankruptcy Case. For example, if your home is worth $90,000.00 and you owe more than $90,000.00 on your First Mortgage, you can avoid your Second Mortgage and, provided you complete your Chapter 13 Plan, you will never again be required to make the Second Mortgage Payment. To understand how amazing this Chapter 13 Benefit is, just multiply the number of months left on your Second Mortgage by the amount of the monthly payment. The same benefit applies to any additional subordinate mortgages you may have. This is a complex process and will be further explained at your Free Initial Consultation.

Many people believe that once a Foreclosure is filed they can be quickly removed from their Home. Nothing could be further from the truth. In fact, in Ohio it usually takes at least 4 months from the date the Foreclosure Complaint is filed until the Home is sold by the Sheriff. During that time, you can continue to live in your Home and no one can remove you from it. Furthermore, the Foreclosure can be stopped by filing a Bankruptcy Petition at any time prior to the Sale of the Property by the Sheriff. Once the Property is sold by the Sheriff, however, the Property can not be recovered by filing Bankruptcy. It is, therefore, very important that you seek the advice of an experienced Bankruptcy Attorney immediately upon being served with Foreclosure Papers. The sooner you speak to an Attorney, the more time the Attorney will have to plan the appropriate way of dealing with your situation.

Chapter 13 Bankruptcy allows you to cure the past due Mortgage Payments by making small monthly payments over a period of three to five years WITHOUT further Penalty or Interest. For example, if you are $10,000.00 behind on your Mortgage, you would be required to pay $167.00 per month on the arrearage in a 60 month Plan.

Regardless of how far behind you are on your Mortgage Payments you can still keep your home by filing a Chapter 13 Bankruptcy. This is true even if a Foreclosure Complaint has been filed and your home is about to be sold. Moreover, you will not be required to make a lump-sum payment of all the past due Mortgage Payments.

Sometimes, one of the most difficult challenges facing a person who wants to file Bankruptcy is coming up with the money to get their case filed. Although the overall fees are higher in Chapter 13, the upfront costs required to get a Chapter 13 Bankruptcy Case filed are less than Chapter 7 Bankruptcy. Moreover, we can show you creative ways to finance the initial Chapter 13 Bankruptcy payment which will allow you to get your case filed while retaining enough money to live.

The Chapter 13 Trustee is the person who oversees your case, collects your Chapter 13 Payments and disperses the Chapter 13 funds to Creditors. In Cincinnati, the Chapter 13 Trustee is Margaret A. Burks, Esq. After filing your Case, Mrs. Burks or one of her Staff Attorneys, Frank Dicesare, Esq., or Tammy Stickley, Esq., will meet with you to review you financial situation. Many of my Clients are very nervous about meeting with the Trustee. You will find that Mrs. Burks, Mr. Dicesare and Mrs. Stickley, as well as their entire Staff, are very friendly and compassionate and have no desire to embarrass or hurt you. Provided you are well prepared for this meeting and appear on time, the Trustee will usually express a desire to help your Chapter 13 Case be successful and will ordinarily approve your Plan.

In addition, we know what the Trustee expects in most situations and we strive to meet those expectations. This allows your Chapter 13 case to move more smoothly through the Bankruptcy Process and prevents the unnecessary problems that develop from Attorneys who do not understand how Chapter 13 Bankruptcy works. Chapter 13 is very complex and utilizing an Attorney experienced in the Chapter 13 Bankruptcy Process will help you maximize the benefits that Chapter 13 Bankruptcy has to offer and will reduce the anxiety you experience while your case is pending