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In Youngstown, A Chapter 13 Filing Stops Foreclosure And Settles Tax Debt

It is important to know that life continues after bankruptcy and it is vital to find very knowledgeable bankruptcy lawyers, who can help find long-term solutions and financial strategies. Such was the case for a couple from Youngstown, Ohio when their inability to keep up with their bills resulted in a great deal of financial insecurity. Specifically, the couple owed approximately $33,000 on their second mortgage, became past due on their taxes by not filing city taxes for several years, creating a large tax debt, and had trouble with a high-interest rate on their car loan, among other debts. These issues eventually led to their house being referred to an active foreclosure status and they retained the services of the experienced Ohio bankruptcy lawyers with Luftman, Heck & Associates for help sorting through it all.

Attorneys with LHA reviewed the couple’s finances and knew that they needed a lasting solution. Once the two entered into a chapter 13 bankruptcy, the home was removed from foreclosure, the burdensome second mortgage was erased, and we were able to re-negotiate the oppressive 25% interest rate for their car loan to a reasonable 5.5%. The ability to adjust unfair or prohibitive payments is a benefit of the chapter 13 protection because it allows people the freedom to focus more of their income of larger-scale responsibilities instead of outrageous interest amounts. To battle the complexities of several years of tax filing issues, Luftman, Heck & Associates utilized their extensive relationships with other financial professionals and referred these clients to a top-quality accounting firm. By doing so, the two were able to settle their tax debt along with their bankruptcy, and took comfort, knowing that by obtaining adept legal counsel, they’d be able to move forward without these oppressive financial issues.

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.