Some individuals may believe that people facing financial issues are irresponsible or otherwise did not attend to their financial affairs adequately. However, this idea is most often not the case. Financial difficulties can arise from numerous unexpected situations that are not related to irresponsibility. Because money issues can be a touchy subject, many Ohio residents may feel as if considering bankruptcy is giving in to misconceptions or admitting defeat. However, the Chapter 7 bankruptcy process can actually be a beneficial course of action.
Chapter 7 bankruptcy may be able to help qualified individuals get back on their desired financial track. This type of bankruptcy allows individuals to liquidate their assets in order to work toward clearing debts. Some may worry that they will be left with nothing after filing Chapter 7, but, in some cases, individuals may be able to keep important assets that are exempt from liquidation.
In many cases, individuals may only need to file for bankruptcy one time in their lifetimes and are afterward able to keep debt to a minimum. However, as mentioned, financial struggles can result unexpectedly, and, in some cases, additional bankruptcy filings may come about in later years. If individuals opt for this type of bankruptcy, they will not be able to file for this type again for at least eight years.
Chapter 7 bankruptcy is a big step to take, but the benefits from filing can also be substantial. Being able to clear debts and work toward financial stability can allow Ohio residents to feel more secure in their lifestyles and may also lead to health improvements due to less stress. Therefore, interested parties may wish to consider their options and learn more about the bankruptcy filing process.
Source: petoskeynews.com, "When should you consider bankruptcy?", Matt Mikus, July 24, 2015