Call us today to set up a Free Consultation

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.

No Comments

Leave a comment
Comment Information
Schedule a Consultation

Schedule a Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Representing individuals and businesses in Mayfield and surrounding Cleveland communities.

Mayfield Office
6690 Beta Dr. Suite 214
Mayfield, OH 44143

Toll Free: 800-637-6308
Fax: 440-421-9184
Mayfield Law Office Map


Contact Us

Review Us