FAQ's - Frequently Asked Questions for Ohio Bankruptcy

People from all walks of life sometimes need the help of the bankruptcy system. I have filed bankruptcy for people working in all positions, from store clerks to vice presidents of banks. I’ve filed for doctors and attorneys, and even a judge.

I’ve personally been insolvent, sued, and treated with indifference and cruelty by attorneys who sued me when I could not pay my bills.

So I understand, from personal experience, what it’s like to need help. This is the “dark side of debt” that nobody talks about.

Bankruptcy can be the solution, and should NOT be considered a “last resort” as is so often stated. It should be considered BEFORE you “hit the bottom” because filing early can prevent loss of income and property, and avoid needless suffering.

Most of your debts are dischargable. Often, you want to keep property and continue to pay for your car and home. Unsecured debts like credit cards, medical bills, personal loans, and payday loans are considered “unsecured” and discharged in bankruptcy.

Although most debts are dischargable, some are not. These include the ones you would expect to be excluded from discharge. Child support, most taxes, court fines, and student loans are the most common.

Alternatives to bankruptcy include credit Counseling, debt consolidation loans, debt management programs, and debt settlement programs. They can be effective if your income is sufficient to pay most of your debts with the extra income you have available after meeting your required living expenses.

Normally, you will not. Exemptions protect property, up to a maximum limit. For example, your household goods and furnishings are protected up to $13,400 per person.

Car equity is protected up to $4,000, and your home equity is protected up to $145,425 per person. If you have more equity than the exemptions cover, there are several approaches to making sure you don’t lose any property you want to keep.