Filing bankruptcy more than once: What to do if you find yourself in this situation again

Filing bankruptcy. For many people, this is a once-in-a-lifetime experience and they never want to repeat it.

However, for some, filing bankruptcy is something that happens more than once – even if steps are taking to avoid the process.

You can experience filing bankruptcy more than once in your life, however – the legal experts at Mina Nami Khorrami LLC can help you take steps to avoid it. But if you can’t – and sometimes, it is just unavoidable – we can help sort out the questions you might have about filing bankruptcy more than once.

Read on:

Depending on the type of bankruptcy petition you filed previously, there are waiting periods that must be met before you can file a subsequent petition.

If your previous situation had you filing bankruptcy under Chapter 7, you have to wait eight years from the date you filed your previous Chapter 7 to qualify for a discharge in anew Chapter 7 petition.

If you previously filed a Chapter 7 petitionbut you want to now file a Chapter 13 petition, you have to wait four years from the date you filed your previous Chapter 7 to obtain a discharge in a new Chapter 13.

And if you had a previous Chapter 13 petition, you have to wait six years from the date you filed your previous Chapter 13 before filing a new Chapter 7 petition. And if you have a previous Chapter 13 petition, you have to wait two years from the date you filed your previous Chapter 13 to file a new Chapter 13 case.

There are, however, exceptions.

If you have a previous Chapter 13 case that paid 100% to the unsecured creditors or paid 70% to unsecured creditors with good faith, there is no waiting period to file a new Chapter 13 case.

It’s always a good idea to ask a qualified attorney about filing bankruptcy if you have filed a bankruptcy previously.

Avoiding filing bankruptcy multiple times is ideal and you should avoid it if you can, but sometimes life happens.

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.

Rights of homeowners in Foreclosure

Foreclosure Defenses

When a foreclosure proceeding is filed in Ohio, the homeowner has certain procedural and substantive rights.  If the mortgage company violates any of these rights, the homeowner will have defenses against the mortgage company for violation of his/her rights.

Procedural Defenses:

The procedural defenses are typically related to the mechanics of how a legal case flows, including the steps the mortgage company has to take to process a foreclosure case. Procedural law adheres to due process-the legal rights owed to a person in a civil action.

Under the terms of the mortgage documents,  the mortgage company may be required to notify you of the default under the mortgage note before it can call the mortgage note due – this is called the “acceleration” notice.  The mortgage document may also allow you a certain time after the notice of default to bring the loan current by paying the arrears – this is called the “curing” of default.   A careful review of the mortgage note and document is essential to determine what steps the mortgage company must take prior to foreclosure, and whether the mortgage company has complied. 

Once a foreclosure complaint is filed, you must receive a copy of the summons and complaint for foreclosure. The summons is a document produced by the court and provides instructions as to when and where to file a response and establishes deadlines for how the case will proceed in the court system. In Ohio, you have 28 days to file a response or answer to the foreclosure complaint to avoid a judgment by default. The complaint sets out the claim of the mortgage lender and contains elements relating to the mortgage, mortgage note, default, the amount owed, the interest on the mortgage note, default information, the last payment made and what the mortgage company wants from the court. Copies of the mortgage and the note must be attached to the complaint. The complaint must be served on all persons or entities that might have an interest in the real estate.  There may also be local court rules requiring additional documents to be filed with the Court, such as a title search.

Substantive Defenses:

The substantive defenses are typically related to the written or statutory law which governs the relationship of the mortgage company and the homeowner. It relates to the elements of the foreclosure action and whether or not the mortgage company has the right to proceed and whether the  homeowner has the right to raise certain defenses based on said law.

Failure of the mortgage company to provide you with the notices stated in the Procedural Defenses will provide you with a defense to the foreclosure complaint so that you can seek the dismissal of the foreclosure complaint.

If you have a HUD-insured FHA loan, the mortgage lender may be required to work with you on a resolution prior to filing the foreclosure complaint. The steps to explore alternatives to foreclosure are commonly known as loss mitigation and include loan modification, forbearance or partial forbearance, or deed-in-lieu of foreclosure. If the lender fails to comply with these requirements before filing the foreclosure complaint, the homeowner can raise this as a defense and seek the dismissal of the foreclosure complaint.

Once the foreclosure complaint is filed, you may raise defenses associated with insufficient paperwork, payment disputes, mistake, fraud, misrepresentation, unfair lending or debtor collection practices, violations of Ohio consumer laws, violations of your right of redemption or right to reinstate and other related defenses.

If your loan allows for reinstatement, you may seek assistance from Ohio’s program called “Restoring Stability.” http://www.savethedream.ohio.gov/.

The within statements are general in nature and this information is not intended as a substitute for legal advice regarding your specific case, nor is an attorney-client relationship established between Mina Nami Khorrami, LLC and any person reading this information. Mina Nami Khorrami is an experienced bankruptcy and debt attorney based in Columbus, Ohio.

Avoid foreclosure: Four tips to weather the storm of job loss

Job loss: Let’s face it, there are only a few things we deal with as adults that are more stressful. And if you are facing one, you might also be worried about how to avoid foreclosure.

After all, if you don’t have income, how will you pay for your home and avoid foreclosure?

A foreclosure after a job loss isn’t inevitable and there are steps you can take in the immediate aftermath that can help you out. Read on:

Contact your lenderOne of the first things you can do if you think you might not be able to make your monthly mortgage payments is to contact your lender immediately. Don’t just stop paying or ignore the issue. Many lenders – especially smaller companies – want to work with homeowners and avoid foreclosure. There are often options like forbearance or loan modifications you can work out.

Look for other resources

Obviously, after a job loss you will likely be looking for other employment or collecting unemployment benefits. However, you can also work to fix up your resume, find a second job or sell high-ticket personal items on marketplace sites like eBay to avoid foreclosure.

Call an attorney

Many foreclosure attorneys offer free consultations to potential clients who are looking for some advice – before foreclosure is filed. It never hurts to ask an expert a few questions about your unique situation.

Sell your home

If you think you might not want to keep your home, try and sell it before you find you can’t make payments. It might seem drastic, but it is something to consider. A foreclosure is a difficult and ugly process, so if there is a chance you can find other living arrangements and sell your home – without going through a foreclosure – this is one avenue to explore.

Mina Nami Khorrami LLC

Do you have questions about how to avoid foreclosure? The legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.

Four ways to rebuild your credit score after a foreclosure

Losing your house is stressful enough, and worrying about your credit score after a foreclosure is also stressful.

What will happen? How can you fix it? Who do you trust?

There are many companies that promise to help fix or erase black marks on your credit report, but in general, the only thing that truly helps repair your credit score is time and payment history. 

The truth is, these companies can’t help you if you really had a foreclosure – even though they make promises.

So after a foreclosure, what can you do to rebuild your credit score? The good news is, there are steps you can take.

Here are four ways to rebuild your credit score after a foreclosure. Read on:

Get a copy of your credit report

After your foreclosure is complete, obtain a copy of your credit report from one of the major reporting bureaus. It’s free to get once a year. We recommend www.annualcreditreport.com

Once you have it, go over it with a fine-toothed comb to make sure it is accurate. If there are errors, start the dispute process with the reporting bureaus. Send letters and keep copies!

Pay on time

For existing loans and debts, make sure you ALWAYS pay on time. By paying your car note and credit card bills on time – every single month – you will slowly but surely repair your credit score. Don’t carry a past-due balance on your credit cards.

Pay off debts quickly

If possible, try to pay off your loans quickly. Reducing your total debt will improve your credit worthiness and improve your credit score.

Don’t use credit repair companies

These companies are not your friend and we cannot recommend that you use them. Don’t waste your time – or money.

Mina Nami Khorrami LLC

If you are navigating life before, during or after a foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.