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Filing a Chapter 7 bankruptcy in Ohio

Ohio residents who find themselves in unmanageable financial situations can pursue debt relief by filing a Chapter 7 or a Chapter 13 personal bankruptcy. Individuals who file Chapter 13 bankruptcies consolidate their debts and then make monthly payments for between three and five years to pay them off, but those who file Chapter 7 petitions see most of their unsecured debts discharged and are generally no longer required to make any type of restitution.

This can make filing a Chapter 7 bankruptcy seem like a far more appealing proposition, but not every individual with overwhelming debt is able to qualify. The nation's bankruptcy laws were revised in 2005, and new rules were put into place to prevent those who are able to afford monthly payments from filing a Chapter 7 petition. This means that most individuals who pursue this kind of debt relief are either destitute, unemployed or living on very limited incomes.

Some people file Chapter 13 bankruptcies do so because they own real estate or other assets they wish to protect. When individuals file Chapter 7 petitions, their non-exempt assets may be liquidated and the money raised sent to their creditors. Chapter 7 bankruptcies also remain on credit reports for 10 years, but their impact on borrowing may be mitigated by careful financial planning.

Attorneys with experience in this area could clarify the requirements of filing a Chapter 7 bankruptcy to Ohio residents who are considering their debt relief options. Attorneys could point out that those who are making payments on cars or homes may still pursue a Chapter 7 petition and keep their assets.

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