As an Ohio resident who is looking to regain control over your finances, you may be wondering whether filing for bankruptcy may help give you the fresh start you desperately need. You may, too, be familiar with the various types of personal bankruptcies, including Chapter 7 and Chapter 13 filings, but you may not fully understand how they differ or which type might better suit your needs. At Debra Booher & Associates CO LPA, we have a comprehensive understanding of the various consumer bankruptcy processes, and we have helped many clients facing similar circumstances find solutions that meet their needs.
When a person files bankruptcy in Ohio, the court may take his or her assets to pay off debts. However, the idea behind bankruptcy is to give a person a fresh start, so there are some assets the court may not take so the person still has items to rebuild with after the bankruptcy. The court refers to these as exemptions.
When it comes to filing a bankruptcy petition, we have looked into many different legal issues affecting those who are facing financial challenges. With the emergence of new financial considerations due to technology, such as cryptocurrency investments, there are even more matters that you may need to consider before or during your bankruptcy. For example, your cryptocurrency investments may have resulted in your financial hardships after unfortunate developments, and this is certainly not uncommon due to the very nature of cryptocurrency markets. Moreover, you may wonder how filing for bankruptcy could affect your current cryptocurrency holdings.
For many couples in Ohio, financial challenges can create or add to marital strife. Problems with money can even at times contribute to an irreconcilable breakdown of a marriage. If you and your spouse are in this situation where you have decided to get divorced but still need to figure out how to deal with your debt, you may even be considering bankruptcy. Before you rush into filing for bankruptcy or divorce, however, it is important to assess the timing of each of these things.
If you have more debt than you can handle, you are probably no stranger to collection notices and phone calls. Perhaps those notices and phone calls feel like they have taken over your life, adding to your financial stress. You can protect yourself.