As a resident of Ohio, you have several options to look into if you are considering filing for bankruptcy. For example, Chapter 7 bankruptcy offers relief from certain debts by allowing you to discharge them. However, it is crucial to note that not every debt you hold can be dismissed through bankruptcy.
Ohio residents who are considering filing for bankruptcy may also be wondering which type of bankruptcy will work best for them. Chapter 13 has many benefits, but it tends to work better for a certain set of people.
Now that your bankruptcy period has ended in Ohio, you likely want to reestablish your credit as quickly as possible. How you go about doing this, however, can make all the difference.
Across the United States, more than 770,000 people filed for bankruptcy in 2018, according to the U.S. Courts. Nearly 500,000 of those cases involved liquidation bankruptcy or Chapter 7, which wipes clean most financial debt people owe to various creditors. One major cause of these bankruptcies involves the high rate of medical debt in the country, and the inability to pay off health care expenses accumulated from surgical procedures, injuries, emergency room visits and treatment for chronic conditions. In fact, 62% of people who filed for bankruptcy listed medical expenses as the main reason for their inability to keep up with their financial obligations.
As an Ohio resident who is facing mounting bills that have become more than you can reasonably manage, you may be wondering what you can do to escape the seemingly constant barrage of phone calls from creditors and debt collectors. You may, too, have heard that bankruptcy’s automatic stay period can give you at least temporary relief from some of these communications, but you may not fully understand what happens during this period.
Your bankruptcy will probably start with questions and end with a clearer financial future. Do you need to file for Chapter 7 or Chapter 13? Do you have assets you could sell off before you begin the bankruptcy process? Have you paid debts that the court could reclaim during the procedure? These are some of the things you might want to ask yourself before you begin the bankruptcy process in Ohio.
Business owners regularly face a plethora of challenges, especially those who run a small business and are experiencing financial strain. As a small business owner, you may be worried about how the debt you have taken on will impact your business in the months and years to come, and you may be unsure about how you should handle this situation. For some small business owners, bankruptcy is an excellent way to clear debts and move forward. However, there are many different factors to go over before filing for bankruptcy.
As an Ohio resident who recently filed for bankruptcy, you may be working to get your finances back in order in the aftermath of doing so, and part of this process will entail rebuilding your credit. At Kennel Zeigler LLC, we recognize that rebuilding credit is an important part of the bankruptcy process, and we have helped many clients facing similar circumstances work to navigate this and other bankruptcy-related issues.
If you are one of the many people in America who are overwhelmed with credit card bills, medical expenses, mortgages and other forms of debt, you may be familiar with receiving continuous calls from creditors and collection agencies. Collection agency representatives may call at all hours of the day and night and may even threaten to take legal action if you don't make payments on your debt. In some cases, creditors have threatened to throw the debtor in jail or even take their children if they do not pay up. An automatic stay keeps these creditors and collection agencies from contacting you during the bankruptcy process.
If you are currently living with mass amounts of debt in Ohio, you may feel increasing pressure to do something to relieve yourself of your overwhelming financial obligations. While bankruptcy is a great way to get a fresh start, you may not be eligible for either Chapter 7 or Chapter 13 bankruptcy. Moreover, it may simply not be the best debt relief option for you. If it is not, you may wonder what, if anything, you can do.