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