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chapter 7 bankruptcy Archives

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.

Tips for rebuilding credit after bankruptcy

One concern people in Ohio might have regarding filing for bankruptcy is how it will affect their credit rating. Although bankruptcy can remain on a person's credit report for as long as 10 years, it is possible to begin rebuilding credit soon after bankruptcy and to have a good score within a few years. One study found that nearly two-thirds of people had a credit score of at least 640 two years after filing bankruptcy.

Debunking some of bankruptcy's many myths

Bankruptcy is a loaded term and the process certainly has a stigma. Whether you are applying for Chapter 7 or Chapter 13 bankruptcy, there will be many questions running through your mind about what steps to take and how to complete this difficult legal moment in your life. We assure you that it can all work out, and that bankruptcy shouldn't be feared as much as it is.

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