In some cases, small business owners in Ohio may be able to keep their businesses after filing for bankruptcy. If the debtor owns a sole proprietorship, for instance, they can file for personal bankruptcy and perhaps keep the business. An individual may choose to file for Chapter 7 bankruptcy if they cannot afford to repay their debts, or they can file for Chapter 13 bankruptcy to repay their debts over time.
Chapter 7 bankruptcy offers protection for those in Summit whose debt threatens to overwhelm them. Should they comply with all of the demands of the court during the time that their bankruptcy is active, then the remainder of those debts not already satisfied through the liquidation of whatever eligible assets they had will be discharged. Yet in order to take full advantage of that protection, one has to be completely upfront with the court during his or her bankruptcy proceedings. This includes disclosing any and all assets they hold to their court-appointed trustee. A failure to do so could leave him or her facing possible criminal charges.