Even as the economy begins to experience a slight rebound, many Ohio homeowners are still struggling to make their mortgage payments on time. Whether due to unemployment or some other unforeseen circumstance, too many are struggling to meet their financial obligations. In that vein, many readers may be interested to hear of a Florida homeless mission that managed to prevent foreclosure just in time.

The homeless mission called Bread of Life is located in Punta Gorda, Florida, and it received a huge setback last year when the IRS revoked the mission's nonprofit status. As a result, it now owes the IRS $73,584. However, the troubles facing the mission do not stop there.

Two years ago, the mission was the subject of a final foreclosure judgment that said it owed $174,380 in past-due mortgage payments. At the time, the holder of the mortgage did not want to auction off the property as he supported the mission. But after delays, he eventually decided to initiate a foreclosure auction that was originally scheduled for November 23, or the day before Thanksgiving.

Faced with the IRS debt, the unpaid mortgage payments and many other bills, the director of the mission felt as if there was no escape. However, a Florida resident learned about the mission's troubles in a newspaper story, and decided to take up their case. As a result, the Bread of Life Mission was able to declare bankruptcy, which prevented foreclosure and ensured that many homeless people would be able to continue to enjoy their holiday meals there.

Far from being a stigma, bankruptcy is actually a vitally important tool that allows for both individuals and business to put their finances in order under the protection of a court. In this case, bankruptcy was also able to prevent foreclosure. Indeed, many Ohio homeowners facing a foreclosure may consider the possibility of a personal bankruptcy as a chance to catch their breath and set things right. To assist with filing for bankruptcy or even just to help with preventing foreclosure, a thorough and deep knowledge of Ohio law is often beneficial.

Source: The Dayton Daily News, "Filing delays shelter's foreclosure," Janine Zeitlin, Nov. 23, 2011