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Exploring Chapter 7, Chapter 13 may interest some Ohio residents

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Considering bankruptcy may be something that many Ohio residents feel they should do in secret. They may feel self-conscious that they are in a difficult financial spot, as if they should have been more responsible with their money. However, these feelings are unwarranted. Debt issues can plague even conscientious spenders, and if individuals believe that bankruptcy could help, they may wish to find out more information on Chapter 7 and Chapter 13 proceedings.

Many individuals may have heard of liquidation bankruptcy as it is one of the most common forms. This type of bankruptcy falls under Chapter 7, and during the process, individuals will be required to liquidate assets in order to repay creditors. Luckily, this does not mean that individuals will be left with nothing as certain property may be exempt under Ohio laws.

Chapter 13 deals with a different method of repayment. Rather than liquidating assets, individuals will be required to follow a court-approved repayment plan to pay back creditors themselves. However, there are certain stipulations, and if an individual has too much debt, the filer may not qualify for Chapter 13. As a result, Chapter 7 may be the preferable option.

Rather than feeling ashamed about the state of their finances, Ohio residents should feel proud that they are considering ways in which to get back on track. Chapter 7 and Chapter 13 bankruptcy could be viable options for qualifying parties, and additional information may help individuals determine whether it could be right for them. Experienced attorneys may be available if individuals would like to consider seeking further assistance. 

Source: mysanantonio.com, "Two Types of Bankruptcy", June 15, 2016

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