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Comparing common forms of bankruptcy in Ohio

When an individual wishes to file for bankruptcy, they will usually file for Chapter 7 or Chapter 13 bankruptcy. Those who run a business as a sole proprietor may also file for either of these forms of debt relief. Regardless of the type of bankruptcy that an individual is filing for, they must complete credit counseling no more than 180 days before filing.

In 2004, 71.2 percent of bankruptcy filings were of the Chapter 7 variety. A Chapter 7 bankruptcy is a straight liquidation that is overseen by a trustee. Some pieces of property may be exempt from being liquidated. A debtor must also pass a means test to qualify for such a filing. In addition, anyone who has filed for such bankruptcy protection in the past eight years may not qualify for this option.

Those who file for Chapter 13 bankruptcy are asking for protection under what is known as a payment plan for those with regular income. To qualify for Chapter 13 bankruptcy, an individual must have less than $307,675 in unsecured debt. In addition, they must have less than $922,975 in secured debt. Those who have filed for this type of bankruptcy in the past two years may not qualify under.

Those who are thinking about filing for bankruptcy may wish to do so with the help of a bankruptcy attorney. An attorney may be able to help individuals understand their rights under the bankruptcy code and the benefits of filing for protection from creditors. Some of the benefits might include a stay of creditor actions, which may result in an end to collection calls or letters. Debtors who are filing for Chapter 7 bankruptcy may obtain debt relief in a short period of time.

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