For many Ohio residents, the desire to be on stable financial footing is one that may seem unattainable. Parties may feel as if their debt is too substantial to overcome and that they will be left struggling to make payments for the foreseeable future. However, individuals may wish to consider Chapter 13 or Chapter 7 bankruptcy if they are looking for financial assistance.
Though some individuals may know about the potential negative outcomes of filing for bankruptcy, there can be many beneficial results as well. In many cases, those benefits outweigh the possible negative risks. If parties are facing considerable hardships when it comes to even making the minimum payment on their bills, they may wish to take more drastic steps.
It is true that before deciding on bankruptcy some parties may wish to negotiate their debt in order to work toward a more manageable balance. However, negotiations do not always work out, especially if creditors are unwilling to reduce balances. As a result, individuals may still face overwhelming debt and an inability to make the necessary minimum payments. In such cases, filing for bankruptcy could prove to be a beneficial route to follow.
Chapter 13 and Chapter 7 bankruptcy options could help qualifying individuals work toward getting their finances back on track. Exploring these options further could allow interested Ohio residents to determine which route may be best for them. Consulting with a knowledgeable bankruptcy attorney could also help those parties better understand the choices and decisions in order to allow them to move forward more confidently.
Source: csmonitor.com, "Three times bankruptcy is the right decision", Dan Rafter, Nov. 16, 2015