Bankruptcy is a legal tool, which aims to help debtors to regain a fresh life; a life free from creditors and mountainous debts.
Bankruptcy in Ohio has two main classifications that are the most frequently used by people: Chapter 7 and Chapter 13.
For Bankruptcy Laws In Ohio, both chapters are present and available.
In addition, both bankruptcy law chapter 7 and bankruptcy law chapter 13 functions the same as other bankruptcy laws in other states in America.
However, significant difference can be present.
Such differences usually occur in the listing and limitations of exempt products and on how the case should be dealt with.
When we talk about chapter 7, we are dealing with the non-exempt assets.
This means that chapter 7 is a liquidation process wherein the non-exempt process most assets must be sold and liquidated so as to be discharged from the unsecured debts.
On the other hand, when we talk about chapter 13, we are dealing with a repayment plan, so more assets can be kept.
Bankruptcy Laws In Ohio has a strict rule regarding finishing a financial management counseling course before a debtor can be qualified to apply for bankruptcy.
Most of these financial management counseling courses can be done through the internet; however, physical classes can also be observed.
A financial management counseling course must be finished and is good for 6 months before a debtor can apply a bankruptcy case.
This is to protect the bankruptcy case from being abused or exploited.
In this way, the court believes that when an individual is knowledgeable enough regarding financial aspects then such a scenario is unlikely to occur in the near future.
Another distinct characteristic of Bankruptcy Laws In Ohio is that it is not a spousal bankruptcy law state.
This means that Ohio is not a community property state, so if either the husband or wife apply for bankruptcy his or her partner will never be involved in the bankruptcy case.
The personal property of the spouse who did not file the case will be restricted from the hands of the trustee.
Anyone can apply for a bankruptcy case, but not everyone can be qualified according to Ohio rules and regulations regarding bankruptcy cases.
This is because, Ohio has a rule that only citizens who lived in the state for 2 years or lived for a majority of 180 days in Ohio can enjoy the benefits of Ohio bankruptcy law.
If ever the individual did not live as long as these requirements state, his case will then be heard according to the rules and regulations of the state which he lived the majority of his days.
A bankruptcy case can indeed help an individual to start a new life, however, just like every decision we must make we should always think twice, or even many times to feel secure our decision will lead us to where we can achieve our goals.
Bankruptcy has its advantages; however, it should never be the first option that we must entertain.
Bankruptcy should always be the last option this is because it will destroy your credit rating for 2-3 years and not everyone has their case approved by the bankruptcy court.
Bankruptcy in Ohio has two main classifications that are the most frequently used by people: Chapter 7 and Chapter 13.
For Bankruptcy Laws In Ohio, both chapters are present and available.
In addition, both bankruptcy law chapter 7 and bankruptcy law chapter 13 functions the same as other bankruptcy laws in other states in America.
However, significant difference can be present.
Such differences usually occur in the listing and limitations of exempt products and on how the case should be dealt with.
When we talk about chapter 7, we are dealing with the non-exempt assets.
This means that chapter 7 is a liquidation process wherein the non-exempt process most assets must be sold and liquidated so as to be discharged from the unsecured debts.
On the other hand, when we talk about chapter 13, we are dealing with a repayment plan, so more assets can be kept.
Bankruptcy Laws In Ohio has a strict rule regarding finishing a financial management counseling course before a debtor can be qualified to apply for bankruptcy.
Most of these financial management counseling courses can be done through the internet; however, physical classes can also be observed.
A financial management counseling course must be finished and is good for 6 months before a debtor can apply a bankruptcy case.
This is to protect the bankruptcy case from being abused or exploited.
In this way, the court believes that when an individual is knowledgeable enough regarding financial aspects then such a scenario is unlikely to occur in the near future.
Another distinct characteristic of Bankruptcy Laws In Ohio is that it is not a spousal bankruptcy law state.
This means that Ohio is not a community property state, so if either the husband or wife apply for bankruptcy his or her partner will never be involved in the bankruptcy case.
The personal property of the spouse who did not file the case will be restricted from the hands of the trustee.
Anyone can apply for a bankruptcy case, but not everyone can be qualified according to Ohio rules and regulations regarding bankruptcy cases.
This is because, Ohio has a rule that only citizens who lived in the state for 2 years or lived for a majority of 180 days in Ohio can enjoy the benefits of Ohio bankruptcy law.
If ever the individual did not live as long as these requirements state, his case will then be heard according to the rules and regulations of the state which he lived the majority of his days.
A bankruptcy case can indeed help an individual to start a new life, however, just like every decision we must make we should always think twice, or even many times to feel secure our decision will lead us to where we can achieve our goals.
Bankruptcy has its advantages; however, it should never be the first option that we must entertain.
Bankruptcy should always be the last option this is because it will destroy your credit rating for 2-3 years and not everyone has their case approved by the bankruptcy court.