Even individuals who feel relatively secure in their spending habits could find themselves in a tough financial spot. Finances can quickly become complicated for anyone, and what may begin as a small issue could lead an Ohio resident into thousands of dollars of debt that he or she may not be able to pay back. For individuals in such predicaments, Chapter 7 bankruptcy may be able to help.
Recent reports indicated that a man in another state recently filed for such bankruptcy. It was unclear what exactly led to his decision to file Chapter 7, but it was noted that he had a substantial amount of liabilities. The report disclosed that the man's debts totaled $46,997, though no specific debts were listed.
Additionally, it was reported that the man's assets -- which will be liquidated under Chapter 7 bankruptcy -- totaled only $12,600. It is understandable why the man chose to file for debt relief as his liabilities were almost four times as much as his asset value, and bankruptcy will likely prove helpful to his situation. Further details regarding his case were not examined further.
Taking action against debt may be able to help many Ohio residents work toward a brighter future. If individuals are uncertain where to start, they may wish to gain more information on their debt relief options. Chapter 7 bankruptcy may be able to help qualifying individuals who are overwhelmed with debt, and discussing the details of such an option with an experienced bankruptcy attorney may prove valuable.
Source: startribune.com, "Recent bankruptcy filings in Minneapolis and St. Paul", Jan. 24, 2016