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Chapter 7 bankruptcy may not leave Ohio residents with nothing

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Ohio residents who are looking to address their overwhelming debt may want to ensure that they have the correct information when it comes to their options. Chapter 7 and Chapter 13 bankruptcies are common relief avenues that could prove exceedingly beneficial for individuals who qualify. However, some parties may be hesitant to move forward with such an option because of possible misconceptions.

Chapter 7 is also known as liquidation bankruptcy. Through this process, assets are liquidated in order to repay creditors. As a result, some individuals may think that they will be left with nothing after their bankruptcy is completed. Luckily, that is a highly unlikely scenario. There are assets and property that could be exempt and remain owned by the petitioner, though exact assets may vary depending on state laws.

Another belief regarding bankruptcy that may cause apprehension is that filing will completely wreck a credit score. Certainly, bankruptcy will have an effect on credit scores, but in some cases, completing the process may actually increase a score. The increase will not put a poor score in a high range, but it could potentially place it in a slightly better position. 

Hesitations before making a significant decision are understandable. Bankruptcy is certainly a significant decision with which to move forward, but some of those hesitations may be dispelled with the correct knowledge. Therefore, Ohio residents interested in Chapter 7 or Chapter 13 bankruptcy may want to utilize their local reliable resources to find out more. Additionally, experienced attorneys are available for individuals wishing to discuss their circumstances.

Source: nerdwallet.com, "5 Bankruptcy Myths Dispelled", Sean Pyles, June 7, 2016

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