Ohio residents may be interested in information about how a Chapter 7 bankruptcy works and who is eligible to obtain this type of debt relief. Once eligibility is determined, their assets may be liquidated and sold to satisfy some of the debts, and certain other balances are discharged.
When individuals face overwhelming debt, Chapter 7 bankruptcy protection provides a way out. Yet, sometimes those struggling with debt wwant to try other options first. Current debt settlement laws in Ohio prevent for-profit debt settlement firms from operating in the state by limiting the fees companies can charge for debt relief services. As a result, those facing overwhelming debt typically opt for bankruptcy or credit counseling from a non-profit organization.