When facing considerable debt, looking into bankruptcy as a serious option may be a step that many Ohio resident wish to take. There are various bankruptcy avenues, such as Chapter 7 and Chapter 13, that could potentially fit particular situations. If individuals earn a steady income but are overwhelmed with financial responsibilities, they may wish to determine whether they could qualify for Chapter 13.
When debt becomes too overwhelming, many Ohio residents may begin thinking about what proactive steps they may be able to take in order to get a handle on their finances. Bankruptcy is a common form of debt management that has helped and will continue to help numerous individuals get back on track. If consumers are interested in this option for their situations, they may wish to explore Chapter 7 and/or Chapter 13 bankruptcy.
Making the decision to move forward with bankruptcy can be a big step for anyone looking for a fresh financial start, including those here in Ohio. There may be multiple questions that need to be answered before a case can proceed, the first of which is likely whether an individual qualifies for Chapter 7 or Chapter 13 bankruptcy. In either event, once the ball is rolling, more stable financial ground could soon be achieved. Indeed, many individuals take this step to work on their financial struggles.
For many Ohio residents, the desire to be on stable financial footing is one that may seem unattainable. Parties may feel as if their debt is too substantial to overcome and that they will be left struggling to make payments for the foreseeable future. However, individuals may wish to consider Chapter 13 or Chapter 7 bankruptcy if they are looking for financial assistance.
When Ohio residents are looking for ways to handle their debt issues, they may consider filing for bankruptcy. However, there are multiple types of bankruptcy, and individuals may not know the difference between Chapter 7 and Chapter 13. As a result, they may not understand which could suit their circumstances and how either could be beneficial in attempting to overcome considerable debt.
Becoming overwhelmed with debt may be a fear that many Ohio residents share. These consumer fears are understandable as debt can accumulate more quickly than expected. If residents find themselves facing situations in which they are unable to handle their debt balances on their own, they may wish to look into Chapter 13 bankruptcy in order to determine whether they may qualify.
For numerous Ohio residents, financial status may play a considerable role in how they view themselves and how they believe other people view them. Some individuals facing financial difficulties may believe that they should feel ashamed about their situation, and that if they file for bankruptcy, it will mean that they have somehow fallen short. However, Chapter 13 bankruptcy should not be considered in this manner; rather, it's a step toward improvement.
Ohio residents may be interested to learn about a recent U.S. Supreme Court decision in which the court ruled that a debtor does not have a right to appeal a denial of a proposed Chapter 13 repayment plan. The ruling was issued on May 4, and puts an end to splits in lower courts regarding the right.
One of the options available to Ohio debtors who cannot obtain relief from their financial obligations through other methods is filing for Chapter 13, assuming the eligibility requirements are met. While a successful completion of the plan will result in the discharge of most debts that remain unpaid, some obligations are not eligible for discharge. These include criminal fines and compensation obligations, liabilities for drunk driving and debts not covered by the court-approved plan. However, two of the biggest debt concerns for some individuals are student loans and payments for alimony and child support.
When an Ohio homeowner files bankruptcy, the mortgage lender or holder will be prohibited, along with other creditors, with engaging in any further collection activity during the automatic stay issued upon the petition's filing. Debtors who are delinquent in their mortgages should be careful in choosing the bankruptcy chapter under which they will file.