Unfortunately, everyone who purchases a home is not able to continue making the payments for 30 years until their home is paid in full. Some of these people will lose their homes to foreclosure. This court action can wreak havoc on a person’s credit rating and make it very difficult for them to purchase another home in the future. There are some things a family can do if they are having financial problems that could help them avoid foreclosure in Hamilton, OH and, potentially, keep their home.
Hamilton residents have seen a significant decrease in employment opportunities in recent years, but the development in nearby West Chester has offered some people a chance to get back on their feet with jobs in the retail, hospitality, and food service industries. Those who were having trouble making their mortgage payments but have recently secured employment may be able to avoid losing their home by filing for chapter 13 bankruptcy protection. This option allows people to reorganize their debts, including their outstanding mortgage payments, so they don’t have to lose their property.
Although some people think filing for bankruptcy protection means they have failed, it is actually a very effective path to success for those who use it properly. Many people in Hamilton and around the state of Ohio have been able to use bankruptcy laws to keep their homes and make all of the monthly payments more affordable. With a single payment that is affordable for the family, people who choose this option instead of giving up their opportunity to keep their home can restore their good credit over time.
The best place to start for a family who is in danger of losing their home is with an experienced bankruptcy attorney. Homeowners can visit us online or call to schedule a consultation to learn about the ways bankruptcy may be able to help them resolve their particular situation. Bankruptcy is a process that takes some time to complete, so it’s important for anyone who wants to explore chapter 13 bankruptcy as an option to prevent foreclosure in Hamilton, OH to get started as soon as possible.
