Filing Personal Bankruptcy in Ohio
The federal government has created bankruptcy laws to allow individuals who can not pay their creditors to resolve their debt obligations by dividing their assets among their creditors. Current bankruptcy law has created the framework to allow creditors to receive payment with a measure of equality.
If you file Chapter 7 Bankruptcy, you may be able to discharge all or a portion of the unsecured debt you have accumulated. The discharge may occur even if the debts are not paid in full. If you file Chapter 13 Bankruptcy, you may be able to repay a portion or all of your debt with a scheduled repayment plan. Often the repayment plan can be constructed with more favorable terms.
Filing bankruptcy can have serious long term consequences, such as a lower credit rating and difficulty getting personal loans. It is important to discuss bankruptcy with an Ohio Bankruptcy Attorney prior to filing. Bankruptcy is a serious financial decision and should not be done with out the help of an experienced bankruptcy lawyer.
There is no right answer for whether or not you should file bankruptcy, but if you are experiencing the following financial issues, bankruptcy may be able to help you get a fresh financial start.
- You are having difficulty making your mortgage payments or you are facing a home foreclosure.
- You have suffered a devastating financial crisis such as a divorce, separation, death or unexpected job loss.
- You are being harassed by creditors.
- You can only pay the minimum on your bills.
- You can not budget yourself out of debt in five years or less.
- You have very high credit card balances.
