Many Ohio residents may be able to attest to the fact that facing financial issues can be a significantly stressful situation. Individuals may struggle daily just to meet their needs as they work to handle their debt on a limited income. For individuals who may not have a steady monthly income but wish to tackle their serious debt issues, considering Chapter 7 bankruptcy may be a prudent step. 

Readers may be interested in such a case taking place in another state. Reports indicated that the man — a former college basketball star –is currently unemployed and is living off food stamps and $400 given to him by his parents each month. In addition to his income difficulties, the man is facing hundreds of thousands of dollars in debt. 

Due to only having approximately $24,000 in assets, the man turned to Chapter 7 bankruptcy for debt relief. In contrast to his assets, his liabilities totaled more than $385,000. It was noted that the majority of those liabilities were the remaining payments for a home, though there were other debts as well. As a result, his parents paid for his bankruptcy filing fees and other related expenses.

Though working to handle considerable debt may be a struggle, individuals may feel a sense of relief if they make the decision to move forward with a debt relief plan. Chapter 7 bankruptcy may be an option that could assist qualified Ohio residents work toward gaining a fresh financial start. If parties are interested in such an option, they may wish to gather more information by consulting a bankruptcy attorney.

Source: The Washington Times, “Ex-Kentucky basketball star Farmer files for bankruptcy“, May 8, 2016