Ohio Chapter 7 Bankruptcy

Also known as a liquidation plan, Ohio Chapter 7 bankruptcy can be the quickest and easiest form of bankruptcy, allowing you to keep many of your possessions while eliminating much of your debt. 

What Ohio Chapter 7 can do for you

If you have little or no assets, Chapter 7 bankruptcy in Ohio gives you a fresh start in these ways:

• Unsecured debts, such as credit cards and medical bills, can be completely eliminated.
• By choosing between two systems you are permitted to keep a wide range of exempt property.  This includes, but is certainly not limited to, such assets as the following:

Chapter 7 in Ohio is different from a Chapter 13 bankruptcy, under which most debts are repaid within a three to five year period.  Dr. Adrian King is a Dayton Ohio bankruptcy lawyer who can help you determine if Chapter 7 is the right option for your situation.

Determining if Ohio Chapter 7 Bankruptcy is right for you

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires you to satisfy a means test to determine if you qualify for Chapter 7 bankruptcy based on Internal Revenue Service requirements.  This is a two-part test.

•     Under the first part of the test, your monthly income is compared to the median monthly income for a similar-sized family in Ohio.  If your income is less than the median income, you qualify to file Chapter 7 bankruptcy.  If your income is higher than the median income, a second test is applied to see if you qualify for Chapter 7 bankruptcy.
•     The second part of the test examines your unsecured debts and disposable income.  If the test finds that you do not have the income and financial resources to pay $100 per month over the next five years ($6,000 total) to your unsecured creditors after expenses, you still qualify for Chapter 7 bankruptcy.

Certain types of debt that cannot be eliminated under Chapter 7 bankruptcy, including the following:

•     Taxes
•     Student loans
•     Child or family support debts

As a Chapter 7 lawyer in Dayton, Dr. Adrian King can determine your disposable income and tell you which debts are dischargeable.  

Preparing and Filing

Once you have decided to file Ohio bankruptcy under Chapter 7, you need to itemize your current financial situation, including the following:

•     All sources of your current income
•     All your important financial transactions within the last two years
•     Your monthly living expenses
•     An accounting of your secured and unsecured debt
•     Everything you own, including real estate

You also need to gather all important paperwork.  This includes such items as these:

•     Tax returns
•     Deeds
•     Titles and loan documents.

Once all paperwork and information is ready, the Ohio bankruptcy court requires that you file a petition and several other forms (called schedules).

Your petition can be jeopardized if the filing contains any error or omissions.  That’s why you need a Franklin County Chapter 7 bankruptcy attorney with a reputation for thoroughness and professionalism.  Adrian King and the QuickJd.com Legal Portal lawyers are dedicated Dayton Ohio Chapter 7 bankruptcy attorneys who pay close attention to the critical details.  We will make sure that all parties know they have the information they need to complete the bankruptcy proceeding without interruption.

For more information about bankruptcy, refer to our Bankruptcy Frequently Asked Questions.