To be presumed eligible for Chapter 7, your household income for the preceding six months must be below the state median income for a family of the same size. If you meet or can argue that you satisfy this criterion, you will be eligible to file Chapter 7 bankruptcy. Since the majority of Ohio Chapter 7 filers have no assets to liquidate for the benefit of creditors, your debts will be discharged. Notably, you will not be able to file again for up to 8 years, and you will be exclusively responsible for paying any new debts incurred after your bankruptcy.
If you do have assets, Section 2329.66 of the Ohio Revised Code protects many of them from your creditors. As of 2008, Ohioans can deduct $10,775 worth of personal property, $20,200 worth of real estate, $3,225 worth of an automobile, and numerous other quantities. Up to a certain amount, work tools, injury settlements, cash, jewelry, and even a ""wild card"" that can be deposited anywhere can all be deducted. This affords you protection for your most valuable possessions. The majority of Chapter 7 filers in Ohio will have no assets after these exemptions, ensuring that they will not lose any property or possessions.
After filing Chapter 7 in Ohio, you will be required to attend a meeting of creditors held at a federal facility in either the Northern or Southern Federal Districts. Your creditors will have the opportunity to explain why they believe your debts should not be discharged during this meeting. A creditor to whom you owe an unsecured debt will typically not attend the meeting, as it would cost them more to employ an Ohio attorney to represent them in the matter than the debtors owe.
Importantly, if you owe money jointly with an ex-spouse, your ex-spouse will assume sole responsibility for your debts after you file. This will eliminate any remaining financial ties to the relationship. Additionally, it will assist you in removing the trace of this relationship from your credit report.
In conclusion, filing for Ohio Chapter 7 bankruptcy can be relatively simple if you employ an experienced attorney. Your attorney will help you file documents and assist you during the meeting with your creditors. After completing all of these steps and attending the required debtor education courses, your bankruptcy filing will be finalized and you will be on your way to reestablishing your financial life!""
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