Missing payments on your mortgage puts you at risk for foreclosure. If a homeowner is unable to make required mortgage payments, the creditor is allowed to seize and sell the property. This is known as foreclosure. There are certain disadvantages associated with this process. Individuals who have gone through foreclosure have to wait a specific period of time before buying another home. They suffer from a drop in their credit score which reduces their chances of obtaining credit in the future.
Deciding which option is the best for you is the first step you need to take in order to start paying off your debt. Chapter 13 bankruptcy and debt consolidation are two options to think about with your lawyer.
Maybe you are in debt. If you have credit card debt or other outstanding balances, you probably aren't proud of it. Most likely, you find it frustrating. If you are like many Ohio residents who are drowning in debt, you might even feel shame about your financial situation.
In many cases, student loan debt cannot be erased through Chapter 7 bankruptcy. But this is not set in stone - some circumstances could result in your student debt being lowered or even discharged completely.