Ohio Chapter 13 - Which One Should I File?

If you have determined that you are in need of a Bankruptcy filing to stop your mounting debt and put an end to collections action, you will need to file either Chapter 7 or Chapter 13 Bankruptcy. While Chapter 7 was usually the best choice for filers, Congress has forced people who make at or above the state median income for a family of like size to prove they shouldn't have to file a Chapter 13 Bankruptcy. Ohio Chapter 13 Bankruptcy differs from Chapter 7 in that it requires a debtor to repay some or all of the money that they owe.

With that in mind, however, it is important to understand that there are still many benefits to filing Ohio Chapter 13 Bankruptcy. When you file, there is a presumption that you will keep what assets you have, paying anything to which the creditors might be entitled over an extended period. Even that amount is reduced by Ohio Revised Code Section 2329.66, which ensures ensure that certain assets, such as your home, car, electronics, clothing, and jewelry cannot be taken by your creditors. There are large allowances available for these assets that can provide you with great protection. When you file Bankruptcy in this manner, you will be able to pay back your creditors at a much lower rate and will no longer have to worry about collections calls, wage garnishment, or lawsuits.

Filing Ohio Chapter 13 can also help you prevent foreclosure if you're behind on the mortgage for your Ohio real estate, which is a benefit not gained by filing Chapter 7 Bankruptcy. With Chapter 13, all of your debts are negotiated in a plan with your creditors and you will be able to come up with an affordable repayment plan that allows you to maintain control and possession of your assets. Once you have filed, however, it is crucial that you maintain the agreed upon repayment schedule, as it becomes legally binding.

The Chapter 13 repayment agreement will span the course of three to five years. This will allow you to greatly extend the amount of time needed to repay most debts so that you can make easily affordable payments. Filing Ohio Chapter 13 is far better than repossessions and lawsuits and can help you clear up your credit and get back on track quickly. While it may be more costly than Chapter 7 over the long term, it actually provides greater benefit for people with mortgages on Ohio real estate and other assets.

If you are in need of help when considering Bankruptcy, choosing a practitioner who works only with Bankruptcy cases is highly advised. Ohio Chapter 13 laws can be tricky and you will need to do everything it takes in order to protect your assets. A qualified Ohio Bankruptcy lawyer can help make this process easier and can help you reach a payment plan that works for all of the parties involved in your case.

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