Pros & Cons of Filing Bankruptcy in Ohio
People tend to view bankruptcy as a rock-bottom solution. However, you may be missing some key positive elements of filing bankruptcy. While it isn’t ideal, it can be a strategic solution that can substantially better your financial situation.
If you’re considering bankruptcy in Ohio, the bankruptcy lawyers at Amourgis & Associates, Attorneys at Law are here to help. You should know some of the pros and cons of bankruptcy in Ohio we’ve provided below.
Pros of Bankruptcy in Ohio
If you’re overwhelmed with debt, bankruptcy may be a positive change in your financial situation. If you’re asking yourself, “Should I file bankruptcy?” consider the following pros of bankruptcy in Ohio:
- The calls will stop – The calls you’re getting from debt collectors can be exhausting. Once you file for bankruptcy, creditors can no longer pursue payment or other actions against you. This can pause legal action, foreclosure, repossession, and wage garnishment.
- Debts may be discharged – When filing bankruptcy, you may be able to have your debts discharged. Whether a debt is discharged in full or paid at a reduced amount depends on the type of debt and the kind of bankruptcy you file, but in some occasions debts are discharged entirely.
- You may not have to give up all your assets – Filing bankruptcy doesn’t necessarily mean you lose all of your assets. Some exemptions may allow you to keep a certain amount of your possessions. You also may be able to reduce certain debts to free up enough money to re-affirm your mortgage or car loan, in order to keep your car or house. There are a number of different approaches to preserving assets through bankruptcy, and a bankruptcy lawyer can help you with options.
- You can have a clean slate – Having a fresh start can allow you to rebuild your finances. You’ll be able to more easily pay off debts that weren’t written off, rebuild your credit, and take out credit again in the future.
Cons of Bankruptcy in Ohio
While filing bankruptcy isn’t all bad, there are still a few downsides to bankruptcy. Some of the cons of bankruptcy in Ohio include the following:
- Your credit will take a short-term hit – While your credit score may already be suffering from your debts, bankruptcy can make it a bit worse. But at the conclusion of the bankruptcy, your credit score will start rebuilding. Our bankruptcy lawyers can sometimes project how quickly and how much your credit score will improve – call today!
- You may lose some assets – You may have to turn over some of your assets to be sold to help pay back what you owe your creditors. Whether you have to turn over any assets will depend on what type of bankruptcy you file for and what assets you have.
- You may not get rid of all of your debt – It is very difficult to discharge some types of debts, including federal student loans, child support, and back taxes. To have the best chance to resolve these difficult debts in bankruptcy, consult with one of our lawyers today.
Talk About Your Options with an Ohio Bankruptcy Lawyer
There’s no need to continue struggling with how to pay back your debts. If you’re trying to decide if bankruptcy is the best option for you, talk to one of our experienced Ohio bankruptcy attorneys. Call or contact Amourgis & Associates, Attorneys at Law online today for a free initial consultation.
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At Amourgis & Associates, Attorneys at Law, we only represent consumers. We fight for regular people who have been seriously hurt in accidents. We fight for people who are being crushed by overwhelming debt and need a fresh start. We fight for individuals and families. Never businesses. Never insurance companies. We are loyal to the consumer.
