Having to file for bankruptcy is a stressful experience for everyone involved and can add additional strain. With a bankruptcy attorney on your side, the process will run smoother, so you don't feel overwhelmed. From the beginning, it’s essential to understand what's to come in the process and how you can be as proactive as possible. 

FAQ About Bankruptcy in Ohio

How can bankruptcy help you?

When you file for bankruptcy, you have a financial burden that you can no longer manage. It could be from medical bills, loans, or even credit card bills that you’ve been unable to pay off completely. How you want to move forward will also depend on what sort of bankruptcy you're filing. A Chapter 7 filing is like a fresh start because you're asking the courts to discharge everything that is owed. A Chapter 13 filing is the opposite because it helps the bankruptcy attorney come up with a plan for you to pay everything off over time.

What property can you keep?

An individual can keep some of their property in the state of Ohio that is exempt from creditors' claims, including various forms of personal property like animals, clothes, or any medical aid devices you might require. Housing and insurance are also on the exempt list, but they need to meet specific qualifications first.  

Will you be able to get a credit card?

Once you've filed for bankruptcy, you will still be able to get credit cards; however, there may be some differences regarding how much interest they charge you. Look at various card options to find one that fits your needs and has a decent interest rate. Pay them off in full each month to rebuild your credit rating and ensure you don’t get into financial trouble again.

How will bankruptcy affect your credit?

There is no way to determine how filing for bankruptcy will affect your overall credit score. However, it can cause it to plummet. If you're already behind on payments, your credit score might not be in that great of shape. After you've filed and can make payments more regularly, you'll be in a better position to start building up credit again.

While you may feel overwhelmed with the process, a bankruptcy attorney helps you to navigate and find your way through the financial storm. Since 1980, the professionals at Ibold & O'Brien in Chardon, OH, have been serving Geauga County residents with quality service to help them get back on their feet after filing. To learn more about their services, visit them online, or call (440) 285-3511 to schedule a consultation today.