Debra Booher & Associates Co., LPA
Click here to get your free Legal evaluation
Call Us Today Toll Free 888-542-1300

Some Ohio residents may consider Chapter 13 debt repayment plan

Becoming overwhelmed with debt may be a fear that many Ohio residents share. These consumer fears are understandable as debt can accumulate more quickly than expected. If residents find themselves facing situations in which they are unable to handle their debt balances on their own, they may wish to look into Chapter 13 bankruptcy in order to determine whether they may qualify. 

It was recently reported that a couple in another state filed for Chapter 13 bankruptcy. The report stated that one of the individuals was a former governor in another state and that ethical issues regarding funds and personal spending had resulted in the man's resignation. The situation first led to the man paying a fine of $11,000. 

Financial issues apparently still plaque the man as he and his wife face just under $78,100 in debt. Due to their assets only totaling $29,900, the couple are seeking assistance in repaying their considerable debt. By filing for Chapter 13, they will likely follow a court-approved repayment plan that will help them repay some or even all of their debt burden.

Many Ohio residents may have a difficult time recognizing when their debt may be on the verge of being overwhelming until it is too late. However, it is never too late to consider debt relief options that my be able to help qualifying parties get back on stable financial ground. Interested parties may wish to learn more about Chapter 13 bankruptcy and how a repayment plan may be able to better their situation. Along with filing the petition, a plan is presented to the Bankruptcy Court to repay specified debt, typically over a three to five year period. Court approval of the plan is required.

Source: The Washington Times, "Former Lt. Gov. Mark Darr, wife file for bankruptcy", June 13, 2015

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Toll Free: 888-542-1300
Phone: 330-253-1555
Fax: 330-253-1599
Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Toll Free: 888-542-1300
Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Phone: 216-447-0207
Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Toll Free: 888-542-1300
Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Phone: 330-492-9600
Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Phone: 330-297-5200
Map & Directions