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Ohio Chapter 7 bankruptcy offers financial relief

Personal bankruptcy can be a relief to those in Ohio who find that they are unable to repay the debts that they owe. The good news is that there are several different Chapters available in the Bankruptcy Code, one of which is sure to be useful to every debtor. Commonly, people go to a Chapter 7 or 13 filing when they must obtain financial relief.

In a Chapter 7 filing, a person in Ohio often finds that they are able to discharge many, if not all, of their unsecured debts. This discharge can offer financial relief and a new start for those who took on more debt than they were able to repay. This may be the type of relief sought by a man in another state who found that his business did not succeed.

The man started a development company that hoped to create a sports complex in his home state. Unfortunately, in part due to the recession, his business was unable to develop the land as it wanted, leaving the man without his company and holding many debts. His Chapter 7 filing included more than $2 million in liabilities against his $579,000 in assets.

Like the man in the most recent Chapter 7 filing, many in Ohio found that they were unable to sustain a business as the recession went on over the past few years. This led more than one former business owner to a Chapter 7 bankruptcy filing. Such an action typically results in a person being freed from the debts that spiraled out of control. Once accomplished, many are able to reestablish their credit as a means of returning to financial stability once again.

Source: richmondbizsense.com, "SportsQuest founder files for bankruptcy," Michael Schwarz, May 1, 2013

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