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Cope Law Offices, LLC

Ohio Bankruptcy Attorneys

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Last Updated on July 29, 2020 By Russ Cope

Can I pay off credit card debt and keep my home?

Reader’s Question: I want to pay off 10,000 in charge cards but keep my home. Is this possible?

Ohio Bankruptcy Attorney Russ Cope’s Answer

Either Chapter 7 or Chapter 13 will allow you to address the $10,000 charge card debt. Chapter 7 will eliminate the debt completely, assuming you meet the eligibility requirements to file for Chapter 7 relief. Chapter 13 bankruptcy will allow you to repay a percentage of the debt and eliminate the remaining percentage, if any.

You can absolutely keep your home in a Chapter 13 bankruptcy. In Chapter 7, you can keep the home so long as a couple of things are true. First, you have to be current on the mortgage note or have the ability to become current rather quickly. Second, you mustn’t have too much equity in the real estate. In Ohio, the equity must be substantial. New laws passed in 2013 increased the amount of equity that an individual can have in their residence by nearly 500%.

It is important to remember that bankruptcy is very predictable. An experienced bankruptcy attorney can evaluate your circumstances and tell you exactly how filing will effect your property and your debt.

About Russ Cope

Russ B. Cope is dedicated to legal standards that go far beyond filing cases — he is interested in your goals. Russ wants to be certain that each client is making an informed decision that will make their life better, and thrives on the interaction between lawyer and client.

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6826 Loop Rd
Dayton, OH 45459
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Phone: 937-401-5000
Fax: 877-845-1231

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Dayton, OH 45402
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Springfield Office

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Springfield, OH 45501
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Vandalia Office

812 East National Road, Suite A
Vandalia, OH 45377
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Phone: 937-387-1598
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Dayton Office

6826 Loop Rd
Dayton, OH 45459
Map & Directions

Phone: 937-401-5000
Fax: 877-845-1231

Downtown Dayton

11 W Monument Ave, Ste 300
Dayton, OH 45402
Map & Directions

Phone: 937-648-0100
Fax: 877-845-1231

Springfield Office

49 E. College Ave, Suite 300A
Springfield, OH 45504
Map & Directions

Phone: 937-284-8139
Fax: 877-845-1231

Vandalia Office

812 East National Road, Suite A
Vandalia, OH 45377
Map & Directions

Phone: 937-387-1598
Fax: 877-845-1231

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