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Chapter 7 bankruptcy offers relief through discharge

People in Ohio often seek debt relief when they find that they are unable to repay what they owe to creditors. This is the case regardless of the types of debts owed or to what creditors, though some debts are not dischargeable in bankruptcy. Debts that can lead to a bankruptcy such as a Chapter 7 or a Chapter 13 include credit cards, medical debts, some lawsuit judgments and others.

Sometimes, a Chapter 7 bankruptcy comes to a person in Ohio through no fault of their own. This is particularly true for those who have found that their incomes have been reduced or jobs lost during the most recent recession. In such cases, a bankruptcy can be a relief, both financially and emotionally.

This may be the case for one man in another state who recently filed for a Chapter 7 bankruptcy in his home state. The man gained fame for his political efforts, cumulating with a run for governor in 1998. The bankruptcy filing, he noted in a recent report, came in part due to the debts that he could owe resulting from judgments from lawsuits filed against him due to his political activities.

If successfully completed, the man in this Chapter 7 bankruptcy case, like similar filings in Ohio, will find that he is able to discharge many, if not all, of his unsecured debts. In his case he asserts that he could have debts totaling as much as $21 million. Though not everyone has the same value of debt when they file for bankruptcy protection, many people find that they can discharge what they do have in a bankruptcy. This allows them to begin a fresh financial start.

Source: oregonlive.com, "Bill Sizemore files for bankruptcy in attempt to head off union lawsuits," Jeff Mapes, April 12, 2013

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