Filing for bankruptcy in Ohio may cause many people to feel like financial failures. However, bankruptcy is better described as an obstacle than the end of the road. In fact, the whole point of bankruptcy is to provide as clean a slate as possible for people to start over and rebuild trust with banks and other creditors.
Many people in Ohio have found that credit card debt is easy to incur and hard to pay off. Fortunately, there are a couple of techniques that can help you get out from under your credit card debt.
Many states have homestead exemption laws, which permit homeowners to list a portion of their home as a "homestead" and thus make it off limits to creditors in the event of a bankruptcy. Ohio is one such state. FindLaw explores Ohio's homestead laws in brief.
If you are like many people in Ohio, when you think about filing for bankruptcy, you might automatically think about a Chapter 7 bankruptcy plan. This is generally the most well-known type of consumer bankruptcy. However, it is not the only one as many consumers find Chapter 13 plans better for their needs. Many factors will go into helping you decide what type of bankruptcy is right for you and one of these factors is what type of debt you struggle with the most.