If you are like most Ohio residents who found themselves in over their heads with debt, bankruptcy may have been your only viable relief option. Now that you are debt free, however, you may wonder what you can do to rebuild your credit score and move forward with your life. TransUnion offers a few key bits of wisdom for doing just that.
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.
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 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.
People find themselves in difficult financial positions for different reasons, but some are completely unexpected. For example, a business owner who has been struggling with declining sales may have been considering bankruptcy for quite some time. On the other hand, someone who is completely healthy (physically and financially) may find themselves in a completely unexpected position after suffering a serious injury.
While there are a few situations in which bankruptcy might be abrupt and out of one's control, the financial downfall that ultimately leads to one having to file for bankruptcy can oftentimes be halted with the adjustment of a few key factors. When an entity does succumb to bankruptcy in Ohio, the outcome can create lingering consequences that will take time and resources to fully recover from.
If you feel overwhelmed with crushing debt, filing for bankruptcy may be a way that you can reboot your finances and start over. There are usually two types of bankruptcy that individuals in Ohio may file: Chapter 7 and Chapter 13. Chapter 13 is reorganization bankruptcy in which you and the court work together to formulate a plan for you to repay the debt that you owe over the course of several years. Chapter 7, on the other hand, is a liquidation bankruptcy in which you pay off your debts by selling off some of your assets.
You have probably heard the term "bankruptcy" mostly in a negative context, but for many Ohio residents who have fallen into debt, bankruptcy becomes a saving grace: a chance to move forward from past mistakes and start over new.
The U.S. Bankruptcy Code includes several requirements for filers in Ohio and across the country. One of these for anyone who plans to file a Chapter 7, 11, 12 or 13 bankruptcy is completing a credit counseling course through an approved agency, according to the United States Department of Justice.