Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Understanding Chapter 7, 13 may be useful to Ohio residents

Many Ohio residents may find the idea of making financial decisions overwhelming. In many cases, decisions regarding important aspects of life can seem even more daunting. If individuals are facing situations, such as wanting to better manage considerable debt, they may wish to find out more information about Chapter 7 and Chapter 13 bankruptcies in order to potentially feel more confident when making related decisions.

If individuals fear that they will not be able to pay back debt due to a lack of reliable income, they may wish to look into Chapter 7. Utilizing the liquidation process, this type of bankruptcy allows individuals to discharge unsecured debts while liquidating assets in order to pay back secured debts, such as bank loans. Because secured debts typically require collateral, if the debts are unable to be repaid under Chapter 7, that collateral will be surrendered. 

For individuals who have a steady income but still face overwhelming debt, filing for Chapter 13 may be a viable option. This route involves a long-term repayment plan that works with creditors in order to allow individuals to repay debt over a period of years. Secured debts are repaid in their entirety, and unsecured debts are repaid proportionally to income left over.

Qualifying for a particular type of bankruptcy may involve many factors. Therefore, individuals interested in this route for debt relief may find more information useful. Ohio residents looking to explore Chapter 7 and/or Chapter 13 bankruptcy may wish to consult with experienced bankruptcy lawyers in order to gain knowledge on their particular cases. 

Source:, "John Roska: How Chapter 7, 13 bankruptcies differ", John Roska, April 17, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions