When Ohio residents are considering filing for bankruptcy, they may feel as if they are alone in their financial struggles. Some may even think that their situation is one to be ashamed of and that the majority of others are able to contend with their finances without accumulating considerable debt. However, there are numerous people who file for bankruptcy every year, and doing so usually helps their circumstances greatly.
A recent report from another state listed several individuals who recently filed for bankruptcy. The report stated that over 40 people filed for Chapter 13 bankruptcy in order to address their debt. Details on those individuals' specific cases were not given in the report, so it is unclear what their debt liabilities and asset values may have been. However, Chapter 13 filings will allow them to work with a repayment plan in order to handle their debt.
Additionally, it was reported that more than 30 individuals filed for Chapter 7 bankruptcy. As with the Chapter 13 filings, there was no specific information on their cases, but because they filed for Chapter 7, they will likely go through a liquidation process. In doing so, they may be able to discharge certain debts entirely while working to repay others through the liquidation proceeds.
As this report shows, individuals are not alone in feeling that they need a way to handle their debt. Because different cases require different approaches, Ohio residents considering bankruptcy may wish to gain more information on which type may be best for them. If they would like to discuss their situations and have questions answered, they may also wish to consider talking with an attorney experienced in this complicated area of the law.
Source: omaha.com, "The Record: Bankruptcies, April 19", April 18, 2016