It is not uncommon for a lot of individuals to enter into a bankruptcy under the assumption that all of their debts are going to be wiped clean and that will be the end of them. There are a lot of things that you should not expect from your bankruptcy and knowing these will give you a clear insight once you enter into this form of debt relief.
You should not expect that that you will be able to keep all of your property just because you are going through a bankruptcy proceeding. There are various forms of bankruptcy and what you will be able to keep and how your debts are handled will depend on the laws pertaining to that particular bankruptcy.
Some individuals feel that the bankruptcy process is so simple that they can merely go through this on their own and then discover once they start the proceedings it’s not as easy as they thought. It is a wise idea to utilize the services of an Ohio bankruptcy attorney to help with all of the different aspects of the proceedings and to give you a clear picture of what the outcome is likely to be for your particular situation.
There may be property that you will not be able to keep and you will be forced to sell it under the rulings of your bankruptcy trustee. If you are going into a Chapter 13 bankruptcy because this is what you have qualified for you will find that you still have to pay a portion of your debts, but this is set up through a payment plan that creditors must agree to provided the bankruptcy court has approved the first.
You should not expect a bankruptcy to black mark you for your future. A lot of the stigma that was attached to bankruptcy in the past is gone and many find that bankruptcy has provided them a great deal of financial relief, and at that they are able to move forward and not be nearly as stressed financially as it is giving them a new start.