Learn More About Bankruptcy In Mansfield, OH

If you are racking up debt faster than you can pay it off, then you are not really keeping your head above water and need to be rescued.  One way to do this is to consider bankruptcy in Mansfield, OH.  While many people naturally shy away from this option because it seems so final and devastating, when you speak with a bankruptcy attorney for clarification, you may find that it is actually a viable option that will allow you to move forward and better your situation.

Some of the things many people wonder about bankruptcy include whether they will be kicked out of their house, what property will need to be given up, what will happen to their credit rating or scores, and how long the whole process takes.  Your bankruptcy attorney can answer all of these questions for you and help you work through the process.  It is important to realize that you will not have to figure it out by yourself and that you can make it through this experience.

When you file for bankruptcy in Mansfield, OH, your attorney will go through your assets and help you know which ones will be exempt.  The exemption often depends on the current market value of the asset.  For instance, if your car has a high market value, you are less likely to be able to keep it than if it has a lower value based on the current bankruptcy code limits.  Other property that is usually exempt may include such things as furniture, tools you use in your trade, and most often, your house.  There are certain conditions that apply to property, and your bankruptcy attorney will help you figure it all out.

Credit scores hitting the basement is a worry that many people have when they consider bankruptcy in Mansfield, OH.  The bankruptcy will stay on your credit report for a number of years and may cause you to pay higher interest rates when you apply for loans, but your scores will improve if you are making regular payments.

In many cases a Chapter 7 bankruptcy in Mansfield, OH will take about three months.  On the other hand, a Chapter 13 bankruptcy is a much longer process and may take as many as five years to complete.  Your attorney will help you understand which type of bankruptcy you are eligible to file for and what the advantages are of each.