Ohio Bankruptcy Law
Filing bankruptcy in Ohio can provide you much-needed debt relief, especially if the credit card bills are piling up around you. However, it does come with some financial, legal and possibly even social costs. Your bankruptcy case is a permanent public record and affects your credit standing for seven to 10 years. Not every type of debt can be included in bankruptcy, and you must adhere to a number of financial and legal regulations in order to successfully receive legal forgiveness of your consumer debts.
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Types
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Most people who file bankruptcy pursue a Chapter 7 or Chapter 13 case. In Chapter 7, most of your debts are permanently forgiven by an Ohio bankruptcy court judge. If you instead elect to pursue a Chapter 13 case, then you will repay part of your debts over a three- to five-year period in a court-supervised repayment plan, according to the book "How to File for Chapter 7 Bankruptcy."
Paperwork Requirements
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To file bankruptcy in Ohio, you either must appear in person or retain an attorney to appear on your behalf to submit the required petitions. Generally, you must complete federal forms regarding your assets, debts and income, according to the United States Bankruptcy Court Northern District of Ohio website.
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Warning
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You don't have to hire an attorney to file bankruptcy, but the applicable rules may be difficult for a "pro se" debtor to understand, according to the United States Bankruptcy Court Northern District of Ohio website. Also, bankruptcy court clerks are barred from providing you with answers to any legal questions such as which type of bankruptcy might work best for your particular situation.
Costs
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As of 2010, Ohio debtors could expect to pay $299 in filing fees for a Chapter 7 case; those seeking Chapter 13 debt relief are charged $274 in court costs. This does not include any attorneys' fees, nor does it include excessive copies of any bankruptcy documents. If you cannot pay the fee in full at the time of filing, then apply with the appropriate court clerk for an installment payment plan.
Considerations
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Although your retirement accounts cannot be seized in bankruptcy, you could lose your home and savings accounts especially in a Chapter 7 case, according to the book "How to File for Chapter 7 Bankruptcy." Also, if you enter a Chapter 13 repayment plan, you cannot get any new credit without an Ohio bankruptcy judge's consent while you're paying off your previous debts. With few exceptions, you cannot include government-issued student loans in any type of bankruptcy; you also cannot include child support, alimony, court fines, drunken driving damages and tax bills less than three years old in your case.
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