What is a Chapter 7 Bankruptcy in Ohio?

Nanette Dean of Dean Law provides some insight on chapter 7 bankruptcy in Powell, Ohio.

Many responsible adults find themselves overcome with the stress of unpaid debt that seems to be never ending. An unexpected injury, divorce, and job loss are only a few reasons that you could fall behind. Individuals that seek debt relief often turn to Chapter 7 bankruptcy to get a fresh start with their finances.

People tend to shy away from bankruptcy in general with the misunderstanding that they would be forced out of their home. Forfeiting expensive personal assets isn't always necessary as you work to discharge unsecured debts that may include personal loans, credit cards, and medical bills.

Ways You Will Benefit From Chapter 7 Bankruptcy

• Protect Your Assets From Repossession: One of the primary reasons that hardworking people turn to Chapter 7 is to avoid repossession of a vehicle. All circumstances are different, but an Ohio bankruptcy attorney will evaluate the details to determine if there is a way to delay or stop the process. A Chapter 7 may not be able to eliminate a repossession, but it may be able to buy you some time.

• Halt The Foreclosure Process: An experienced bankruptcy attorney will give you the best chance of protecting your home when it is in foreclosure. It depends on how far along in this process you are at the time that bankruptcy is filed. A Chapter 7 may be able to extend the process to explore other alternatives.

• Exempting Expensive Assets: You've worked hard to purchase expensive personal property that you don't deserve to lose in a financial setback. In the state of Ohio, you are allowed to retain certain assets that could otherwise be lost in the liquidation process.

• Get The Creditors Off Your Back: No one wants to dread answering their phone due to the constant harassment of creditors looking for money. In extreme cases, they may even start contacting your friends and family. With an attorney on your side, you're able to refer the annoying creditors to us so that they will no longer cause unnecessary stress on your family.

• End Wage Garnishments Immediately: Once you're already behind on bills, it only gets harder once regular income is being taken right out from under you. Chapter 7 bankruptcy will eliminate the garnishment so that you can start to apply finances where it's needed the most.

Another benefit of filing Chapter 7 is the opportunity to slowly start rebuilding your credit once collection accounts are eliminated.

Regardless of how you find yourself in such an unfortunate situation, you can use Chapter 7 bankruptcy as a way to wipe the slate clean of most debts. Individuals that are willing to work hard to take advantage of the expertise of an Ohio bankruptcy specialist have the best chance of moving forward with a bright financial future.

If you find yourself questioning whether Chapter 7 Bankruptcy is right for you, we invite you to contact Dean Law in Powell, Ohio today!