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Ohio Chapter 7 bankruptcy can lead to new financial start

People in Ohio who find that they have debts that they cannot repay sometimes feel that they are alone with this problem. What they don't realize is that high debt loads and difficult repayments can come to people from all walks of life for many reasons. In fact, they may be interested to learn about a once wealthy Wall Street executive who recently filed for a personal bankruptcy, though it is unclear if it was a Chapter 7, 13 or another from the code.

The man at the center of the bankruptcy case gained fame on Wall Street for his work with so-called vulture investing groups that took over ailing companies. He was worth as much as $250 million in 2007 before the debt crisis began. Now he earns only $1 million per year, much of which he says that he uses to repay debts that he continues to owe.

It is unclear what type of bankruptcy relief the man in this case used. In many instances, those of us in Ohio seek to file a Chapter 7 bankruptcy. This type of filing is often referred to as a liquidation proceeding and can allow a person to discharge many, if not all, of their personal debts.

Regardless of whether a person in Ohio chooses to file a Chapter 7 bankruptcy or proceeds under a different section of the Bankruptcy Code, the need to obtain relief from overwhelming debt is universal. The good news is that, in many cases, people find that they are able to not only discharge unsecured debts but can also begin new financial futures. In this case, the man has already begun to solicit new investors for a company that he hopes will help him return to the income levels that he once held, a goal many hope to achieve after emerging from the bankruptcy process.

Source: cnbc.com, "Investor Aiming for the Top, Again," Randall Smith, May 17, 2013

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