Find a Bankruptcy Lawyer in Mansfield, Ohio

Find the right Bankruptcy attorney in Mansfield, OH

Bankruptcy in Mansfield, Ohio is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally absolved, or "discharged." This theoretically allows the debtor to move on with a clean slate. Bankruptcy should be treated as an option of last resort, and should not be viewed as a convenient way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to receive loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

For that reason, it would be prudent to speak with a good Mansfield, Ohio bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Mansfield attorney's advice is truly indispensable.

Types of Bankruptcy in Mansfield, Ohio

There are three basic bankruptcy schemes that are most commonly used in Mansfield: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Mansfield, Ohio will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

Under Chapter 13 bankruptcy in Mansfield, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Mansfield Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Mansfield is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Mansfield bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Mansfield

Mansfield, Ohio is a city in Richland County, for which it also serves as the county seat. Mansfield has a population of just under 50,000 people. Mansfield has adopted the official nickname "The Fun Center of Ohio."

Mansfield was originally settled in 1808, it was incorporated in 1828, and chartered as a city in 1857. Mansfield began to experience significant economic growth in the mid-1800s, when the railroads arrived, making available to the areaa much wider variety of goods and services.

While Mansfield was once a thriving industrial center, but like many cities in the Rust Belt, it saw a major economic decline in the 1970s. While there are still some manufacturers in Mansfield who provide a major economic boost to the city, the city has understandably been undertaking to diversify its economy, to lessen its dependence on any single economic sector.

To that end, Mansfield has promoted itself as a filming location for the movie industry. Its historic buildings, and presence of some abandoned structures, enable it to stand in for settings all over the world.

If you live in Mansfield, Ohio, and need a lawyer, it's likely that you'll be able to find the right Mansfield, Ohio attorney to meet your legal needs.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY