One of the most distressing things about Chapter 7 is the idea that you might have to get rid of your assets and other possessions. After all, Chapter 7 is called "liquidation" for a reason -- you'll need to sell many of your assets to and pay back your creditors with the proceeds. However, it's vital to remember that you won't need to sell all of your assets.
One of the most frequent concerns that we hear from consumers who are overwhelmed with debt but frightened about the prospect of bankruptcy is, "I'm worried that I have too much money to qualify."
Your bankruptcy exemptions detail the property that you get to keep when you file for Chapter 7 bankruptcy. These are the personal possessions and other property that won't be subject to liquidation when it's time to sell your property for the purposes of paying back debts. Fortunately, many bankruptcy filers are surprised by just how much of their favorite property they get to maintain through the following bankruptcy exemptions:
The crushing financial impact of being underwater in debt can make every aspect of your life miserable. When you are in this position, finding a way to address the debt becomes a priority. Some people might come out of the woodwork to offer you seemingly easy ways to get out of debt fast. Don't fall for these. The old adage "if it seems too good to be true, it probably is" definitely applies to these cases.
Personal bankruptcy is not exactly what it seems to most people, and the results are often better than people expect. The concept means different things to different people suffering massive debt. The right type can rescue a family's financial future.
Chapter 7 bankruptcy filers will not have to sell "all" of their personal property to pay off their bills. In fact, most bankruptcy filers benefit from being able to keep more "exempt" property than they imagined before engaging in the process. Determining what property is exempt from the Chapter 7 process will depend on the laws that apply to the proceedings.
Like most consumers in Ohio, when you charge items to your credit card, you probably intend to pay for it. However, credit card debt has a way of overwhelming people.
You can't stand the debt collectors calling you anymore. You're afraid to go to the mailbox for fear of another threatening letter. You just want to make it all go away.
It is a big part of the American Dream to have assets. The most popular one is a home, and it was expected for much of the 20th century that families would strive to own their own home. So it often feels like a nightmare when assets turn into liabilities and families have to leave them behind.
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.