Bankruptcy Attorney Mentor, OH
Why Work with a Bankruptcy Attorney to Relieve Debt and Financial Stress?
Are overwhelming debts and financial worries taking over your life? A bankruptcy attorney can help you find a fresh start. Here are some common situations where bankruptcy can make a difference:
- Job Loss or Income Reduction
If you’ve faced unemployment or income reduction and can no longer keep up with credit card payments, bankruptcy can provide relief. - Medical Debt
A serious illness can result in costly medical bills that seem impossible to pay. Bankruptcy can help you move forward without the weight of unpaid medical debt. - Overwhelming Bills
Sometimes, financial obligations simply become too much. Bankruptcy can clear your responsibility for credit cards, medical bills, and overdue utility bills, helping you regain control.
Whether you’re eligible for Chapter 7 bankruptcy, which can wipe out unsecured debts, or Chapter 13 bankruptcy, which lets you repay a portion of your debt over time, you can find relief with the help of a knowledgeable bankruptcy attorney.
Additional Bankruptcy Information
Protecting Your Home Through Bankruptcy
Missed mortgage payments? Whether due to job loss, illness, or other reasons, a Chapter 13 bankruptcy may help you keep your home. Through Chapter 13, you can pay the amount you are behind (arrearage) over and up to as 5 year plan, bringing your mortgage current and protecting your home. Alternatively, if you no longer wish to keep your house, a Chapter 7 bankruptcy can relieve you of mortgage debt, meaning you won’t owe anything further if the bank forecloses.
Considering Your Car Loan in Bankruptcy
Struggling with car payments or owe more than the car is worth? Bankruptcy offers options to manage this debt as well.
- If You Don’t Want to Keep the Car: A Chapter 7 bankruptcy can discharge your car loan obligation, so you can walk away without the debt.
- If You Want to Keep the Car, but it’s too Expensive: You have options through a chapter 13 bankruptcy. There is an option commonly called a ‘cram down’ in which you can pay what the car is worth when you file the bankruptcy and if you complete the chapter 13 plan the remainder you owe on the loan is discharged. The car must have been purchased more than 910 days before you file. It is possible to spread your remaining payments over the up to 5-year chapter 13 plan and that can lower your monthly obligation on the car.
What About Student Loans?
Student loans are challenging to discharge through bankruptcy, requiring proof of extreme hardship, such as a lack of income to make payments and an inability to maintain a basic living standard if repayment were required. While rare, a skilled bankruptcy attorney can help you determine if this might apply to your situation. However, keep in mind that even under a Chapter 13 plan, unpaid interest could lead to an increased balance after bankruptcy.
Get Help from Moseman Law Office
Feeling stuck? A compassionate and experienced bankruptcy attorney can help you explore options to regain financial freedom. Let Moseman Law Office guide you to a solution.
Call Moseman Law Office at 440-255-0832 to schedule a consultation today!
We are a debt relief agency.
Moseman Law Office
Moseman Law Office, is a full-service legal firm located in Mentor, Ohio, serving all of Northeast Ohio and providing personalized legal solutions to its clients.
Moseman Law Office
6990 Lindsay Drive #2
Mentor, OH 44060
Phone: (440) 255-0832