CHAPTER 13 FILING STOPS FORECLOSURE SALE ON PROPERTY

There’s a lot more to bankruptcy than one might initially think. The first reaction may be one of unnecessary negativity, with bankruptcy often being related to insurmountable debt or other such financial struggles. However, bankruptcy is not a mark of failure, and, depending on the type of bankruptcy filed, different results can be achieved. For example, if you’re looking to protect your property and pay your debt off with a more reasonable and affordable plan, then a Chapter 13 filing may be for you.

Ohio residents may be interested in reading of a property outside of the state struggling with debt, facing foreclosure and choosing a saving-grace strategy chosen by many Ohioans in similar situations. An animal rescue facility in Florida was recently raided, and the resident animals were taken into custody by authorities. A foreclosure sale was set for the property, but the owners were able to halt the proceedings by filing for Chapter 13 bankruptcy. This gives them more time to fight the legal battle over possession of the animals and the future of their shelter.

Whether you’re in Florida or Ohio, bankruptcy can be frightening, but there are a few simple things to keep in mind. Chapter 13 is a form of bankruptcy filing that helps cope with certain types of debts by establishing an affordable repayment plan. Most importantly, Chapter 13 bankruptcy allows filers to keep their property, including houses and vehicles. It is most useful when foreclosure or repossession are serious concerns.

In today’s tough economy, debt can cast a particularly dark shadow, especially when it comes to mortgages. Chapter 13 bankruptcy may not only ensure that you get to keep your home, but it may even be able to discharge secondary mortgage on your home. If your property is in danger of being repossessed, Chapter 13 bankruptcy may be the answer.

Source: Bradenton Herald, “East Manatee animal shelter closed by county will reopen, attorney says,” Sara Kennedy, Feb. 25, 2014