Right of Redemption
During your Chapter 7 Bankruptcy case, you will be asked about whether you wish to retain certain types of secured property. Items which are financed, like automobiles, motorcycle and even your home, are security for the loan or mortgage. The loans are part of the debt included in the Bankruptcy. You can execute a reaffirmation agreement and continue to make payments. There are other choices which may be available.
Cincinnati Lawyer Helping Debtors Exercise Their Right of Redemption
During your initial confidential consultation with Steiden Law Offices, your conversation will discuss these issues and items. Your attorney will explain the opportunity to exercise your Right of Redemption. This Right of Redemption involves the method of keeping and retaining secured personal property for an amount less than the balance of the debt.
By virtue of 25 years of experience in counseling and representing residents of the Northern Kentucky and Greater Cincinnati areas, our lawyers are uniquely qualified to offer guidance and direction to help you begin the process of your Fresh Start. Call and schedule your no-obligation consultation and find out how easy it is to get started.
We represent clients and assist them in executing their right of redemption throughout Northern Kentucky and Southern Ohio. We have offices in Cincinnati, Florence and Covington.
Redemption for Value
You may be able to Redeem and retain certain personal property for its current liquidation value and making a significantly reduced, single payment to retain these items of personal property. Your lawyer can explain how the Redemption process works and how value may be established.
Statutory Right of Redemption
Both Ohio and Kentucky have statutory rights of redemption. Ohio's is found in Ohio Revised Code § 5721.38. Kentucky's is found in Kentucky Revised Statutes § 426.530.
A statutory right of redemption allows the debtor to buy back a house from foreclosure over a period of time by paying back the principal and interest. Exercising a right of redemption can prevent a person's home from being liquidated in a Chapter 7 bankruptcy.
Assisting With the Right of Redemption for Cincinnati Debtors
The Steiden Law Offices can help you plan and prepare for each of the issues which will come up during and after your Bankruptcy case and offer you the experienced guidance which comes from helping your friends and neighbors work through and complete their bankruptcies for the past 25 years. Call today to set up a consultation.