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Ohio bankruptcy, including Chapter 7, down from last year

There is good news for some as Ohio begins to recover from the recent economic recession. According to a recent report, the number of filings for personal Chapter 7 or 13 bankruptcies have fallen over the past year. In fact, the numbers have fallen a full 21 percent since the same time last year.

However, some in Ohio continue to face economic challenges that can be ended or made less severe through the use of a Chapter 7 or 13 bankruptcy. There were 2,774 filings in the first 6 months of 2013. Though this number is lower than in the recent past, it still represents many people who find that they need to have the protections offered by a bankruptcy filing.

Some of the most important protections offered include the discharge of debts available to those who file a Chapter 7 bankruptcy. Not every debtor can qualify for this chapter of bankruptcy, though there is an option for nearly every case. To make a determination, a means test is applied to the case as it begins.

Bankruptcy, such as a Chapter 7, can be a good choice for people in Ohio who find that they are unable to repay the debts that they owe. Though fewer of our citizens are in need of help from this type of filing, those that d often find that they are able to restart their financial loves as the process ends. This makes them able to re-enter businesses another economic ventures that can help to further improve our state's economy. A good result for all.

Source: Toledo Blade, "Area bankruptcy cases drop in June; down 21% from ‘12," Jon Chavez, July 2, 2013

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