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Making the decision to move forward with bankruptcy can be a big step for anyone looking for a fresh financial start, including those here in Ohio. There may be multiple questions that need to be answered before a case can proceed, the first of which is likely whether an individual qualifies for Chapter 7 or Chapter 13 bankruptcy. In either event, once the ball is rolling, more stable financial ground could soon be achieved. Indeed, many individuals take this step to work on their financial struggles. 

It was reported that multiple individuals from another area recently filed for bankruptcy due to their debt situations. Because substantial liabilities outweighed assets, bankruptcy was a viable option for these individuals. One man was facing almost $155,000 in debt with less than $10,000 in assets. Similarly, another individual had reportedly accrued $10,630 in debt and had only $962 in assets. Both individuals filed for Chapter 13 bankruptcy.

Additionally, it was reported that seven other individuals also recently filed for bankruptcy in that area. Four of those consumers filed for Chapter 13, and the remaining three apparently qualified for Chapter 7. Under Chapter 13, those individuals will work with a court-approve repayment plan for their liabilities, and those who filed for Chapter 7 bankruptcy will most likely deal with the liquidation of their assets.

If Ohio residents with considerable debt are interested in bankruptcy, they may wish to gather more information on both Chapter 7 and Chapter 13. Depending on the specific nature of his or her case, an individual may be able to qualify for one option or the other. Seeking assistance with debt relief may be the first step towards a brighter financial future.

Source: magnoliareporter.com, “South Arkansas bankruptcies by county for the week ended Tuesday, February 2, 2016“, Feb. 4, 2016