If you were running a public company in Ohio, you would probably be a major stockholder. A bankruptcy you used to get relief from organizational debt would typically take one of two courses: restructuring or liquidation. The second type, liquidation, is covered under Chapter 7 of the bankruptcy code.
When you co-sign a home with someone, one of you will always remain on the hook for the debt if the other defaults. This is true regardless of your relationship with the person. That means if you and your former spouse co-own a home together in Ohio, and he or she files for bankruptcy, you will likely have to bear the burden of the mortgage on your own if you hope to keep the home. That said, depending on the type of bankruptcy for which your former spouse filed, the situation may be a little more complex than that. SFGate explores your options for bankruptcy after divorce.
There is a lot of stigma around being pinned under debt. The reality, though, is that most people don’t accrue their financial deficits through sheer carelessness – many wind up in the red after surprise medical bills, emergency spending or sudden loss of income.
If you are like many of the people in Ohio who are struggling with unmanageable levels of debt, you might have considered filing for bankruptcy at least once. Seeking debt relief via a bankruptcy, whether a Chapter 7 or a Chapter 13 plan, is a big step that does require thorough investigation. This investigation can help you identify if bankruptcy is right for you and which type of plan might be best for you. It can also help you to feel more confident about your financial future after a bankruptcy.
When it comes to filing bankruptcy in Ohio, there are many myths. If you believe them, it could be harmful to you in the long run. Some myths vilify bankruptcy and could make you avoid filing when it really is the right option for your situation. Others can just confuse you and lead to mistakes when you do file. Knowing fact from fiction can enable you to make better choices when it comes to bankruptcy.