Ohio Chapter 7 Includes Asset and Debt Disclosure

The recession hit many people in Ohio hard. In fact, for some the hard times have continued. That is the case for one man who readers may find interesting. Before the housing crash he owned a hugely successful development firm and lived a lavish lifestyle that included yachts and vacations. That venture ended and the man recently filed for a personal bankruptcy, possibly a Chapter 7 that, if successful, could offer debt discharge.

The man at the center of this Chapter 7 bankruptcy case is former homebuilder, Ron Hertel. He was at the head of the development firm R.W. Hertel and Sons until its end in 2009 when creditors forced its close through an involuntary bankruptcy. Just after the closure, a former partner also filed for a personal bankruptcy.

In the most recent case, Hertel disclosed to the court that he owed a total of $118.4 million to his various creditors. The largest of the debts owed is for $30.2 million to a creditor that, in part, loaned money to help fund the development business. He also noted that he had only $591,000 in assets. These disclosures are required in every bankruptcy filing in Ohio and elsewhere.

The good news for the former business head is that many, if not all, of his unsecured debts can be discharged if his Chapter 7 bankruptcy filing is completed successfully. This may offer financial relief that can allow him to restart a new business venture. Such a restart is one of the benefits of a personal bankruptcy that many in Ohio find beneficial and a reason to seek the protections offered by such an action.