BANKRUPTCIES

Ohio Bankruptcy Filings in 2007

• 48,527 total filings
• 31,941 Chapter 7 (65.8%)
• 16,457 Chapter 13 (33.2%)

Bankruptcy is a federal process governed by the Federal District court of each jurisdiction. There are thousands of bankruptcies filed each month throughout the U.S.

Most people in debt choose bankruptcy as a last resort. Prior to deciding to file bankruptcy there is usually an extended period of time spent dealing with significant financial hardship.

When something overwhelming occurs such as an impending foreclosure, homeowners may seek the last resort ... bankruptcy!

There are two types of
personal bankruptcy

Chapter 7 and Chapter 13.

In many cases bankruptcy has a satisfactory outcome and is discharged. In the case of a Chapter 13, the debtor has completed the bankruptcy "plan" and has settled all debts, and the bankruptcy is over.

In the case of Chapter 7, the debtor is relieved of all debts and is able to "start over."

BUT ... in some cases things can go wrong ... and bankruptcy is dismissed. This is an unsatisfactory outcome.

In the case of Chapter 13, the debtor has been incapable of making payments outlined in the bankruptcy "plan." Therefore, the debtor loses the protection of the bankruptcy court and the creditors are free to pursue whatever avenues they may have to pay off the debt, including collection, foreclosure or repossession.

THIS IS WHEN WE COME TO HELP!

Our goals are to understand your circumstances and priorities, treat you fairly, be 100% honest, leave you wanting to work with us again and to refer us to your friends!

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