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$200,000 In Mortgages Forgiven After Cleveland Couple Files Chapter 13 Bankruptcy

A married couple in their 50s recently found themselves in a declining financial state. The Cleveland couple had two mortgages on their house and another one on a rental property they owned. Unfortunately, the houses were not worth anything near what they owed on their properties. They found it was in their best interest to speak with the attorneys at Luftman, Heck & Associates to evaluate their options.

After speaking with the Cleveland bankruptcy attorneys with LHA, the husband and wife agreed that filing Chapter 13 bankruptcy would be the best option to save their houses. Much to the relief of our clients, by doing so, the second mortgage on their property valued at $50,000 was essentially forgiven. The husband and wife owed another $60,000 on their rental house. However, LHA got the mortgage company to accept only $5,000 as a payoff, erasing the other $55,000 that they owed.

The Cleveland couple, going into bankruptcy with about $200,000 in mortgages, ended up with only one mortgage left on their property. Filing bankruptcy successfully erased a great deal of their debt and mortgages without any payment increases – and all in one simple and manageable process.

Prior results do not guarantee a similar outcome in your case. Individual results may vary based on the facts, injuries, jurisdiction, venue, witnesses, parties, and other factors. The results and client testimonials provided are not necessarily representative of the results obtained by all clients or their satisfaction with the firm’s services.