It happens to so many people; bills pile up, new debts accrue, and before you know it you are unable to catch up. Debt can spiral out of control in the blink of an eye, and there is sometimes nothing you can do but watch it happen. If your credit rating is too low for you to get new credit but you owe too much to repay, filing for Ohio Chapter 7 Bankruptcy now could be the best thing you can do for your future.
In order to be presumed to qualify for Chapter 7, your household income for a six month period must be lower than the state median income for a family of the same size. If you meet this criterion, or can argue that you should, you will be able to file Chapter 7. Because most people filing Ohio Chapter 7 have no assets to sell for the benefit of creditors your debts will simply be discharged. It is very important to note, however, that you will not be able to file again for as long as 8 years, and that you will be solely responsible for paying any new debts incurred after your Bankruptcy.
If you do have assets, Ohio Revised Code Section 2329.66 protects many of them from your creditors. As of 2008, Ohioans can claim $10,775 in personal property, $20,200 of real estate, $3,225 of an auto and many other amounts as well. Work tools, injury settlements, cash, jewelry, and even a wild card that may be placed anywhere can all be used as deductions up to a certain amount. This offers you protection for the things that are most valuable to you. Most people filing Chapter 7 will have no assets after these exemptions, which will ensure that they lose no property or possessions when filing Ohio Chapter 7.
Once you file Ohio Chapter 7, you will be required to attend a meeting of creditors held at a federal facility in either the Northern or Southern Federal Districts of Ohio. During this meeting, your creditors will be allowed to speak up about why they feel your debts should not be discharged. It is common practice that any creditor to whom you owe an unsecured debt will not show up for the meeting; most of the time, it would cost more to hire an Ohio attorney to represent them for the matter than debtors owe.
If you owe money jointly with an ex-spouse, it is also important to note that your debts will become the sole responsibility of your ex after you file. This will eliminate any financial ties that you still hold to the relationship. It will also help you to clean the record of that relationship from your credit report.
In short, filing for Ohio Chapter 7 can be quite easy as long as you hire a qualified attorney. Your attorney will help you file paperwork and will help you during your creditor's meeting. Once all of this is done and you have attended the required debtor education classes, your Bankruptcy filing will be complete and you will be on your way to rebuilding your financial life!
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