The first step in getting control of your debt is learning about the powerful help available through the Ohio bankruptcy code.
The state’s bankruptcy laws provide two broad, powerful tools that can protect and relieve: Chapter 7 and Chapter 13 bankruptcy.
To learn how these tools work, keep reading. To discuss your options with an Ohio bankruptcy lawyer, complete the free case review form on this page.
In Ohio, the Chapter 7 and Chapter 13 statutes have similarities and differences. While both types of bankruptcy can address multiple types of debt, they each work in different ways. That’s why you may hear bankruptcy lawyers speak about finding which type of bankruptcy works best for you. It is likely that only one option will fit a specific circumstance.
Chapter 7 bankruptcy could be a good option for those struggling with low incomes that don’t go far enough to cover their debt. Many people whose debt is related to credit cards, medical bills, utilities, payday loans or personal loans choose to file for Chapter 7.
You should be aware that Chapter 7 could call for a sale of property to help pay off creditors. However, the majority of Chapter 7 bankruptcy cases do not involve a sale because of the Ohio bankruptcy exemptions.
These exemptions outline the types of property that cannot be sold. If your home, car and other items are covered here then you can avoid the liquidation sale.
For a full explanation of how these exemptions may apply to your property, speak with a local bankruptcy attorney.
In Chapter 13 bankruptcy, a 3-5 year debt repayment plan is created during your case. This repayment plan pushes all of your debts together, and may reduce some of the debts, so you only need to worry about one payment, which will be made each month to your bankruptcy trustee.
When your debts are combined in Chapter 13 bankruptcy you receive extra protection because the consolidation may allow you to avoid fees and fines. Plus, the automatic stay provision of Ohio bankruptcy law means that the phone calls and letters from your creditors should stop during this time.
If you think bankruptcy can address some of your debt problems, the next step can be meeting with a local bankruptcy lawyer.
During this meeting you can get information on the steps you’ll need to take to get the full protection and relief available by filing bankruptcy.
When you’re ready to take action with a local bankruptcy attorney, we can help you get connected. Just complete the free bankruptcy case evaluation form on this page or give us a call at 877-349-1309, and we’ll connect you with an Ohio bankruptcy lawyer near you right away.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.