Bankruptcy can be an ugly term; even the direct meaning is an unpleasant allusion to "breaking the bank." But eligibility for different types of bankruptcy and successfully declaring it should not be a defeat. In a way, it is a chance to start over.
Debts can destroy dreams as easily as they take away vital assets from people and families. Ohioans have had more than their share of experience with debt, as the loss of industry and the worldwide recession hit the state's middle class hard.
Holders of mortgages on their homes have had a rough 10 years, especially in Ohio. Thousands of families have seen their homes foreclosed since the beginning of the Great Recession, which also damaged the financial infrastructure of the region and many of its cities.
Many people who would benefit from the protections of an Ohio bankruptcy are actually scared to consider it as an option. They may believe (inaccurately) that they will lose everything they own. They also likely worry about their financial future. Far too many people believe the misinformation that there is no credit after bankruptcy. Wanting to buy a home in the future could stop someone from filing for bankruptcy relief that could actually make that purchase more likely.
Ohio is used to good times and bad times, and Ohioans often have the experience of both. It was easy for Buckeyes to earn a good wage in manufacturing or agriculture for decades, while the Great Recession sucked the wind out of the region's sales after years of job losses.