Bankruptcy In Mansfield, OH May Help You Keep Your House

Your home is your castle, your place of refuge and safety.  However, when you find that your debt is overwhelming you, you worry about paying your bills, particularly your mortgage.  Whether you have lost a job, gone through the emotional and financial upheaval of a divorce, or experienced serious medical issues that were costly, you may be able to find relief through bankruptcy in Mansfield, OH.

For many people, bankruptcy can be an opportunity to start fresh.  Many bankruptcy attorneys offer a free debt consultation to go over your situation and determine whether bankruptcy is a good option for you.  With the relatively recent changes to the bankruptcy code, it can be challenging for a person to understand how it all works.  This is why it is important to visit with an attorney who understands the code and what it can mean for you.  One thing that did not change is the fact that if you can meet your mortgage payment requirements, you can keep your home while still being released from other consumer debts through bankruptcy.
   
Most people are eligible for either a Chapter 7 or a chapter 13 bankruptcy in Mansfield, OH.  With a Chapter 7, your assets are looked at and it is determined whether they are exempt or non-exempt.  Those that are not exempt are usually sold to help pay your debts.  The equity you may have in your home will mostly be exempt.  If you currently owe more than your home is worth because of the economy, you can usually still keep your house as long as a payment plan that you can adhere to has been worked out with the lender.

A Chapter 13 bankruptcy in Mansfield, OH usually includes some sort of a payment plan that allows you to catch up on back payments rather than simply discharging the majority of the consumer debt.  Your bankruptcy attorney can help you understand what the criteria are for the different types of bankruptcy and which option you are eligible to file under.

Because the code is fairly involved and can be confusing, it is a good idea to visit with an attorney to carefully go over your situation as soon as possible.  They will be able to help you understand what the ramifications are and what your options are so that you can make an intelligent decision about your financial situation.