Falling behind in your home or car payment can be a scary time. It can also mean you are at risk for foreclosure or property repossession.
While it certainly can happen, there are things you should know about foreclosure or property repossession – namely that it isn’t always inevitable.
If you are facing real estate foreclosure, wage garnishment or having your car repossessed, there are things you can do. Foreclosure or repossession isn’t something to fear; there are legal protections and processes that can help.
Here’s what you need to know. Read on:
If you are facing real estate foreclosure, the thought of losing your home can be emotional and frightening. But there are ways to possibly keep your home and one of those ways is to file Chapter 13 bankruptcy. Chapter 13 bankruptcy offers protection against foreclosure.
Filing Chapter 13 bankruptcy can also help you keep your vehicle or recover your vehicle if it has been repossessed. If you have already had your car repossessed, filing Chapter 13 immediately can help you get it back – usually quickly.
So, what about wage garnishment? How can you stem that loss? It is possible. Wage garnishment, a form of property repossession, can be stopped by filing Chapter 7 or 13 bankruptcy. Also, you might be able to recover wages garnished shortly before your case is if more than $600 was taken and you file Chapter 7 or 13 bankruptcy.
Also, it’s not easy to foreclose on a home. In Ohio, the mortgage lender (usually a bank) has to file a foreclosure complaint in the county where the home is located and provide notices to all owners and lien holders and follow civil procedures.
Repossessing a car is a bit easier, because the creditor can find the car and have it towed away as long as the vehicle is easily accessible.
If you are facing bankruptcy – for any reason – there are ways to keep your property and avoid property repossession.
Mina Nami Khorrami LLC
If you have questions or concerns about filing bankruptcy, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.