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.
You have been suspicious of the financial security of your employer for quite some time and have begun to look elsewhere for employment. However, nothing could have prepared you for the bombshell when you arrive at work and find out that your employer has filed for bankruptcy and will be liquidating its assets over the next several months. At Debra Booher & Associates Co., LPA, we have helped many people in Ohio to cope with the consequences that come as the result of having to file for bankruptcy.
There is little else as stressful as knowing that creditors are getting anxious about receiving their payments and have threatened repossession of a vehicle. For many people in Ohio who are stuck in this inconvenient predicament, feelings of anxiety and anger may be soaring. In preparation for the worst, people may benefit from at least understanding how the process works, as well as which alternatives are available to them in avoiding a repossession entirely.
The Ohio bankruptcy trustee is a person appointed to a bankruptcy case. The trustee performs various tasks, one of which is presiding over the meeting of creditors. Cornell University Law School's Legal Information Institute explains that the bankruptcy court does not preside over this meeting, and a judge may not attend. The debtor and the trustee must attend, and any creditors may attend if they hold one of the included debts.