For numerous Ohio residents, financial status may play a considerable role in how they view themselves and how they believe other people view them. Some individuals facing financial difficulties may believe that they should feel ashamed about their situation, and that if they file for bankruptcy, it will mean that they have somehow fallen short. However, Chapter 13 bankruptcy should not be considered in this manner; rather, it’s a step toward improvement.
Chapter 13 could be an option for individuals who qualify. This type of bankruptcy may allow individuals to create a payment plan for court approval that will allow them to repay a portion of their debt. This portion is capped, which may result in parties repaying less than their full debt balances. Payment plans typically last between three and five years.
If individuals are wary about whether bankruptcy could be right for them, the truth is that this debt relief option often produces beneficial results. Parties will be able to regain control of their financial situation and have a fresh start. Once the process is complete and credit has been re-established, individuals may find that they qualify for loans more quickly than they previously believed was possible.
Financial hardships affect Ohio residents of all income levels. These difficulties can occur at any time, and responsibly taking the steps to handle the situation should be a source of pride. Parties who are interested in finding debt relief and focusing on improving their finances may find information on Chapter 13 and other bankruptcy options valuable.
The process of bankruptcy”, Aaron Boehm, May 31, 2015