Bankruptcy 101 – Filing Bankruptcy in Ohio

Although a new bankruptcy law took effect October 17, 2005, Financial Freedom is still alive and well under the new bankruptcy law and also filing bankruptcy in Ohio seems daunting. The new law essentially still provides the same protection and DEBT RELIEF as was provided by the prior bankruptcy law. The new law still provides for DEBT RELIEF and enables you to receive a Financial Fresh Start.

Perhaps the biggest change found in the new law is that wealthier folks may have to file a Chapter 13 rather than a Chapter 7. However, Debt Elimination is still the rule and ACHIEVABLE whether you file a Chapter 7 PLAN or a Chapter 13 PLAN.

Most consumers or small businesses either file a Chapter 7 PLAN or a Chapter 13 PLAN. By filing bankruptcy in Ohio under any one of these PLANs, our clients come to terms with their Financial Obligations which should be commended and not viewed as a failure or disgrace. The filing of either PLAN is a legal proceeding designed to Eliminate or Substantially Reduce their Debt. This federal law provides Protection From Creditors while enabling our clients to receive a Fresh Financial Start.

Our clients have filed a Chapter 13 PLAN or a Chapter 7 PLAN for many reasons, some of which we have listed below:

  • They have fallen behind on car payments
  • Their house is in foreclosure
  • Their credit card debt is impossible to pay
  • They owe debt to the IRS
  • They have lost their job or they have a reduction in income
  • They have unexpected medical debt
  • They are being sued by creditors
  • Their bank accounts or paychecks are being garnished
  • They are behind in their mortgage payments
  • There are being threatened with lawsuits by creditors