Vance P. Truman, Attorney at Law
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Chapter 7 bankruptcy: Why are you holding yourself back?

As you learn more about the benefits of Chapter 7 bankruptcy, such as the ability to obtain a fresh start with your finances, you may realize that it's a logical step in your recovery.

However, it's common to hold yourself back when it comes time to take the final step. There are many reasons for this, including the following:

  • Fear that you'll lose everything: While it's possible you could lose some of your assets in Chapter 7 bankruptcy, don't assume that you have to say good-bye to everything. There are exemptions that allow you to keep most or all of your assets.
  • Uncertainties regarding the process: You're scared that you won't make the right decisions. You're scared of all the paperwork. Uncertainty is enough to slow anyone down, but it's part of the process. Once you get started, you'll realize that the process, with the help of the trustee and an attorney, is efficient and straightforward. All you have to do is follow along.
  • Inability to get a loan in the future: For example, if you're the type of person who one day wants to own a home, you may have concerns about a Chapter 7 bankruptcy filing making it a challenge to secure a mortgage. While it will definitely impact your credit history and score, the right approach allows you to recover sooner rather than later. With Chapter 7 bankruptcy, the average recovery period is two to three years. At that point, you'll feel better about your ability to buy a home.
  • Fear of losing your retirement: You work all your life so you can enjoy yourself in retirement. So, it's natural to worry about losing retirement assets as a result of Chapter 7 bankruptcy. In Ohio, all ERISA qualified retirement accounts are exempt. In other words, they remain unchanged as a result of bankruptcy. The money is still yours.

If one or more of these fears is holding you back from filing for Chapter 7 bankruptcy, collect additional information and learn more about your legal rights. As you do so, you'll come to find that you can put these fears to rest, all while preparing yourself for the process to come.

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Medina, OH 44256

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