What are the Top 5 reasons people file for Chapter 7 Bankruptcy in Ohio?
No one likes to admit to having financial troubles, but most people will have some sort of money problem at least once in their life. Some people may recognize the signs that come with debt issues such as harassing telephone calls from debt collectors and letters threatening wage garnishment. While there is a whole list of negatives that can occur from having money issues, there are only two ways to fix them. The first way is to simply pay off your debt. Since this is not an option for many, the only other solution is to file for chapter 7 bankruptcy. Knowing why people file for bankruptcy may help you determine whether or not you should consider this sometimes complicated legal maneuver. Here are the top 5 reasons people file for bankruptcy in Ohio:
1. Chapter 7 bankruptcy will eliminate most kinds of debts. Some people face mountains of bills from numerous sources. They often think that there is no way out of the endless debt cycle, or perhaps they believe that the best financial solution out there is to file for bankruptcy.
2. Filing will Stop property from being repossessed. Debt collectors can often times attempt to repossess private property such as cars and other valuables. A car that has already been taken due to bad debt, may be returned after filing chapter 7.
3. Chapter 7 can alleviate medical bills. When mounting hospital bills from a serious accident occur, filing for chapter 7 can get them greatly reduced or eliminated all together.
4. Some people file for chapter 7 after experiencing job loss. When the main source of income is gone, a family must often choose which bills to pay. In this scenario, some families may file for bankruptcy to protect themselves from from debt collectors that can take their assets.
5. Filing chapter 7 will put an end to harassing creditors. This is a big one for many since debt collectors will call any time of day. They can be rude, forceful, and relentless. The good news here is that once the filing is done, these creditors can no longer call you or send you threatening letters. It is now the responsibility of the courts to deal with them.
In conclusion, financial problems can be serious, but filing for chapter 7 bankruptcy can alleviate many of the negative aspects that occur when money problems arise.