Most people looking for Ohio debt relief have also entertained the idea of declaring bankruptcy. Although bankruptcy is a relatively fast way to relieve your debt burden, it comes with heavy consequences. Read on to find out more about Ohio bankruptcy regulations.
Bankruptcy is a very serious, last-resort solution to debt problems that are irreparable. Finding Ohio debt relief through bankruptcy requires you to complete a legal proceeding that costs money and takes anywhere from six months to a year typically. Depending on the type of bankruptcy for which you file, your debts will either be discharged or paid back under the protection and supervision of a bankruptcy court. People who choose bankruptcy over other forms of debt relief in Ohio tend to have one or more of the following characteristics:
In Ohio, consumers are required to seek approved credit counseling services before they can proceed with a bankruptcy filing. You must also meet certain income requirements in order to qualify for Chapter 7 bankruptcy. For example, a single Ohio wage earner must earn less than $42,458 to be eligible for Chapter 7 bankruptcy. Debtors who make more than this will have to submit to a means test to determine if their expenses are large enough to justify a Chapter 7 filing. If you would like to achieve Ohio debt relief with bankruptcy, it's best to hire a lawyer, although you are allowed to file on your own. Assuming you can navigate your way through the filing procedure on your own, you will only have to pay Ohio's filing fee of $299. However, most debtors need an attorney for assistance, in which case the expenses would be higher.
Because of the damage a bankruptcy will do to your credit report, it is not exactly an ideal form of Ohio debt relief. Bankruptcy is only a good idea if you have tried all other options and cannot find any other way to repay your debts within a reasonable amount of time. Remember that an Ohio bankruptcy will not discharge all types of debt. For example, certain tax debts, many student loans, alimony, and child support are not dischargeable in bankruptcy.