You’re in an overwhelming amount of debt, and now you’re considering filing for bankruptcy in Ohio. Before you make the decision to file, here are some things you’ll want to take into consideration.
What Type of Bankruptcy to File
People will file for Chapter 7 or Chapter 13 bankruptcy, but you’ll need to know the differences between both before deciding on the one that’s right for you. You will have little to no assets with Chapter 7 and most of your debt can be wiped clean. And with Chapter 13, you can keep most of your property and simply go on a repayment plan. A bankruptcy attorney can help you decide which type of bankruptcy is best for your situation.
What Type of Debt You Have
You’ll need to keep in mind that bankruptcy won’t erase tax or child support debt, and student loan debt is tough to discharge. But if you have mostly credit card debt, then bankruptcy could be a good option.
Alternatives to Bankruptcy
Before you file, you may be able to take other steps to improve your financial situation. Look into the debt snowball and avalanche methods to pay off your debt, start budgeting and tracking your expenses, get a side hustle going, and sell some items you don’t need to pay off credit cards and other types of debt you’re facing. If these alternatives don’t work, then you can still consider filing.
Get in Touch With Richard P. Arthur
Richard P. Arthur, Attorney at Law, can help you file for bankruptcy in Ohio. You can call 937-254-3738 for a consultation. He has more than three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.