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RC Homebuyers Shares How Homeowners Can Mitigate the Effects of Bankruptcy on Personal Finances

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RC Homebuyers Shares How Homeowners Can Mitigate the Effects of Bankruptcy on Personal Finances

November 22
05:10 2022
RC Homebuyers Shares How Homeowners Can Mitigate the Effects of Bankruptcy on Personal Finances
RC Homebuyers can help Homeowners at Risk of Bankruptcy in Cleveland OH
Many Americans are at risk of bankruptcy. There are a number of ways homesowners can minimize its devastating effects on their finances. Here are some options for a quick and convenient way to manage debts.

How a Cash Homebuyer in Cleveland, OH Can Help Homeowners at Risk of Bankruptcy

The number of Americans filing for bankruptcy is soaring, with Ohio ranking 5th in states with the most number of bankruptcies declared. While bankruptcy can mean a clean slate for those in debt, it can lead to financial hardship for those who don’t explore their best options. 

For homeowners in Ohio, RC Home Buyers offers a fast, convenient, and practical solution. By selling their home fast to a cash homebuyer in Cleveland, OH, homeowners can get a fair price on their property to help them in their bankruptcy filings and also help pay off their debt, depending on the solution they end up using.

By working alongside RC Home Buyers, homeowners can sell their home in Cleveland, OH fast without the extensive hurdles and waiting times expected when selling on the real estate market. 

What Homeowners Dealing with Bankruptcy Need to Know

To get the best outcome out of your bankruptcy filing, it’s best to work with an attorney experienced in bankruptcy law. You can also seek credit counseling and legal advice to know the best way to proceed with your circumstances. 

Depending on the direction you’ll go, there are several possible outcomes that homeowners can face. These are the most common solutions that could apply to your case. 

Chapter 7 Bankruptcy Filing

Under a Chapter 7 bankruptcy, you’ll be required to liquidate your non-exempt assets to pay off your debt. If your debts are bigger than the value of your non-exempt assets, all your assets will be liquidated, paid to your creditors as decided by the court, and all your remaining debts (even if not fully paid) are considered forgiven. However, if your property is considered exempt, you may be allowed to keep your home. 

In this case, either your home will be repossessed and liquidated against your will, or you can get a judge’s approval to sell your home through a court-appointed trustee. Either way, your property will be sold and your debts wiped. 

Chapter 13 Bankruptcy Filing

Those who can file Chapter 13 bankruptcies are those who have the income to repay their debts within several years, but will need help restructuring their debts into payable amounts. You will be allowed to keep your property, but a portion of your income will go to repaying your debts. It’s best to work with an attorney to come up with a feasible repayment plan that a judge can approve. 

If you’ve successfully filed a Chapter 13, you can keep your home in Cleveland. However, you should be able to repay your restructured debts within five years. This could be done solely on your income if you’re qualified. But if you want a faster solution to clear your debt, there’s a third option: filing for a chapter 13 and then selling your home. 

Sell to a Professional Home Buyer

If you want a totally clean slate, you could opt to sell your home and downsize to cut costs or use the proceeds to either pay off your debts. You will need your trustee’s approval before you sell, but once you have it, your best option is to sell in a short time frame with as little added costs as possible. 

Selling on the real estate market entails costs (agent commissions, closing fees, staging and home improvement costs, etc.) and an unknown timeframe to find a buyer and close the deal. But with a professional cash homebuyer in Cleveland, OH, you don’t have to pay for any of these costs or wait months for a good offer.

Sell Your Home to RC Home Buyers for a Fair Cash Offer

RC Home Buyers buys houses in Cleveland, OH regardless of condition, title issues, or any other impediment that would normally lead to delays selling on the real estate market. Their selling process has no realtors, no hidden fees, no commissions, and no repairs. 

To schedule a property viewing or learn more about their home buying process, contact RC Home Buyers at (614) 714-1794. 

Media Contact
Company Name: RC Homebuyers
Contact Person: Phil A.
Email: Send Email
Phone: (614) 714-1794
Address:30 W Oak St Canal
City: Winchester
State: OH 43110
Country: United States