If you are constantly dealing with overwhelming debt and worry that you may never make it back into the positive, you’re likely also searching for debt relief options. The reality is that many people have been in your shoes at some point in life, and although your circumstances may be different, the answer to your debt problems could be the same.
If you are struggling to make minimum monthly payments, you may be weighting your options for long-term debt relief, and wondering if bankruptcy is the right choice for you.
Is bankruptcy a good fit for you?
Many individuals have chosen consumer bankruptcy as a path to financial freedom, and you may wonder if bankruptcy is a viable option for your financial woes. Filing for bankruptcy is a major decision that requires a fair amount of consideration. Some things you’ll want to think about before filing include:
- Type of bankruptcy: Consumer bankruptcy generally falls under two types, Chapter 7 and Chapter 13, and you should research each option to find out which one is a good fit for your situation.
- Eligibility: Each type of bankruptcy has different requirements concerning eligibility. You will need to determine whether you qualify for Chapter 7 or 13 bankruptcy before proceeding.
- Assets and debts: You should also consider how bankruptcy will affect certain assets, and which debts can be discharged. Each chapter varies in this regard, and seeking advice from an attorney can help you weigh your options.
- Alternatives: Bankruptcy isn’t the answer for all debt problems and it’s important to consider other debt resolution options.
You should also take steps to determine if bankruptcy will impact anyone other than yourself, such as a co-signer on a loan or credit card. With so many factors to consider, making the decision of whether to file for bankrutpcy can be confusing and overwhelming. It’s always, therefore, a good idea to seek advice and assistance from someone who is knowledgeable about Ohio’s bankruptcy laws.