When individuals are suffering from considerable debt issues, they may feel as if they are on their own. Because financial complications can lead to various other problems, including emotional challenges, those feelings may become overwhelming as well. Luckily, Ohio residents who are facing such circumstances do have options, and bankruptcy may help them feel as if they are not alone in their struggles. 

It was recently reported that several individuals in another stated filed for bankruptcy. There was information on three individuals who filed for Chapter 13 bankruptcy, and the report stated that one individual had over $10,600 in liabilities and $9,930 in assets. The second individual had liabilities totaling more than $45,000 and had approximately $31,000 in assets. The third party was facing over $184,000 in debt while having nearly $220,000 in assets. Due to the amounts, court-approved repayment plans through Chapter 13 bankruptcy fit their cases. 

Additionally, there was also another individual filing for Chapter 7. One person was facing considerably more debt than she had in assets. Her debt liabilities totalled more than $67,000, and her assets totalled just over $15,000. As a result, liquidation bankruptcy was apparently more suited to her situation. 

These individuals likely determined that filing for bankruptcy could benefit them in the long run and allow them to work toward a fresh financial start. If Ohio residents are facing substantial debt, they may wish determine which process may work for them. Information on Chapter 7 (liquidation) and Chapter 13 (reorganization) bankruptcies could help individuals start their way to a less stressful future and create a more stable financial path.

Source: magnoliareporter.com, “South Arkansas bankruptcies by county for the week ended Tuesday, March 8, 2016“, March 10, 2016