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Ohio Chapter 7 bankruptcy requires disclosure

The need to file for the protections offered by a personal bankruptcy can come to people from all walks of life. In fact, readers in Ohio may be interested to learn about the Chapter 7 bankruptcy of a former company owner that occurred recently in another state. The man filed when he found that he could not repay the debts that he had accumulated.

As is the case in Chapter 7 bankruptcy cases here in Ohio, the man in the most recent matter had to disclose his assets and liabilities to the court. This is done so that the trustee in a bankruptcy can make a determination if creditors will be repaid some, or all, of what they are owed. There is also a review conducted of the assets to determine if any will be sold in a bankruptcy case.

The Chapter 7 disclosure included the liabilities of some $1 to $10 million. Some of these may have come from the business that the man once owned that had closed in 2011. His assets totaled only $100,000 to $500,000. It is common for an early filing to have estimated numbers for assets and liabilities, as was the case here. These are solidified as the bankruptcy process continues.

The good news for the man in this case, as well as others in similar situations is that the Chapter 7 bankruptcy can offer a discharge of many, if not all, unsecured debts. A discharge means that those creditors subject to the action cannot seek to collect the debts after the bankruptcy is filed. This can be a relief to people who have struggled to pay for the debts that they owe, regardless of the reason that they were accumulated.

Source:, "Former Redpine Owner Files for Personal Bankruptcy," Cameron Taylor, May 21, 2013

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