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What should I ask before filing for bankruptcy

Ohio residents thinking about bankruptcy need to consider all of their options before engaging in the process. They also need to consider whether bankruptcy is right for them, what type of bankruptcy is right for them and the consequences of bankruptcy. In the following article, we will discuss some of the most important questions bankruptcy filers should ask prior to beginning the process.

First, be honest with yourself about whether or not you could realistically pay off your debts (aside from mortgages) inside three years, while keeping a comfortable living standard. If the answer is yes, then you may not need bankruptcy as your financial situation is fairly sound. If your answer is no, then you might consider the bankruptcy process.

Second, is your median income higher than your state's median income? If the answer is yes, then you will have a repayment plan of five years under Chapter 13. Under Chapter 7, you might run the risk of having your bankruptcy dismissed if most of your debts are consumer debts and you do not pass the Means Test. If your answer is no, then you will automatically qualify under the Means Test. Under Chapter 13, your repayment plan will only be three years long.

Here are some more important questions you should ask: Do you want to keep a piece of nonexempt property? Do you need some more time to get caught up on your mortgage payments? Do you need to pay taxes or child support that your late on?

By going over these questions and more with an experienced bankruptcy attorney, Ohio residents will be able to decide if bankruptcy can help them in their debt situations. They will also be able to determine what kind of bankruptcy is most appropriate for them.

Source: Dummies, "Questions to Answer when Considering Personal Bankruptcy," accessed May 06, 2016

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