If you find yourself overwhelmed with debt, you may have people giving you unsolicited advice. As they do so, however, there are certain things they may not tell you. Before you can make an informed decision as to whether Bankruptcy in Dayton Ohio is right for you, you need to have all of the facts. Following are a few of these facts to keep in mind as you go to make your decision.
Even the rich may find they need to file for bankruptcy. The economic downturn has hit many hard, Someone with a million dollar home may find they need relief from their debt, especially if they had a business go under or a major medical crisis and don’t have any equity in the home as a result. The amount of money one brings in, or has brought in over the past few years, shouldn’t be factored into the equation. When one cannot make enough to meet their bills, this is an option which should be considered. An attorney can explain when a person can file and how it will affect their home, their vehicles, and other personal and business assets.
In most cases, you’ll find you are able to keep your home after filing bankruptcy. Often, individuals are led to believe their home will be taken as part of the court proceedings. Be aware that a bankruptcy won’t always stop foreclosure, but can delay it by a few months. There are various factors which must be taken into consideration when filing for bankruptcy to determine if the home will be at risk. An attorney can be of assistance here also, which is why legal advice is always recommended in this situation.
Your credit will be destroyed if you file for bankruptcy. Although it is true your credit score will be harmed in the short run, you can recoup from a bankruptcy filing and in less time than many imagine. In fact, the lower the credit score before the bankruptcy, often the faster it will rise to a level higher than seen before the filing, although not always.
Before filing for Bankruptcy in Dayton Ohio, individuals should always seek legal advice. Miami Valley Bankruptcy can provide this advice. Visit the website to learn more about the firm and debt relief options available to consumers and businesses. Those who do so find they feel more comfortable moving forward with their debt relief efforts.
