Filing for bankruptcy is not an easy choice to make, but those who do are able to keep much of their property when filing for Chapter 7 bankruptcy protection. Ohio does not follow federal bankruptcy code for exempt property, but state exemptions match federal amounts.
Getting back on your feet after you have filed for bankruptcy in Ohio may take some time, but it is doable when you identify improvements that you can make in the way you had previously managed your finances. At Debra Booher & Associates Co., LPA, we are experienced in helping people manage their bankruptcy filing with confidence, optimism and efficiency.
When people find themselves in a precarious financial situation in Ohio, they may be grasping for answers of things they can do to get out of debt and start anew. The challenge for many people is learning and developing new habits that will support a lifestyle where they can live debt-free and within their means. Often, the first step in this process of renewal is for people to acknowledge that the way they have managed their money in the past is clearly not effective and needs to be modified.
When you struggle to keep up with your bills in Ohio, you run the risk of your creditors coming after you in an attempt to collect what you owe. If those creditors are able to ultimately secure a court order against you, your employer may end up withholding some of your paycheck until your creditor receives everything owed to him or her.
Like many Ohio residents, you may find that sometimes your expenses surpass your income. If this happens once in a while it may not be a big deal, but when it happens often, it can become destructive. Unfortunately, some people in this situation use their credit cards as a way to buy the things they need without fully considering the long-term consequences of this spending habit.