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Ohio bankruptcy requires financial disclosure

Ohio readers will likely be familiar with the name of famed former attorney F. Lee Bailey. Bailey gained fame defending people like O.J. Simpson and others. What readers may not be as familiar with is Bailey's second recent bankruptcy filing.

According a recent report, Bailey filed a Chapter 7 bankruptcy in his home state last year. At that time, he was able to discharge many of his personal debts, as would be the case in Ohio. However, some of his debts remained after the bankruptcy discharged.

This fact led to the recent filing of a Chapter 13 bankruptcy. This type of bankruptcy is for those who earn a steady wage and are able to make some payments to creditors. A plan is created for creditor repayment, and the person filing must make the payments for the bankruptcy to eventually be discharged. In the Bailey case, the financial documents filed suggest that he has between $100,000 and $500,000 in assets and more than $1 million, to as much as $10 million, in debts.

In Ohio, as elsewhere, those filing a bankruptcy must file documents detailing their assets, debts and income. This is the case regardless of the type of personal bankruptcy filed. These documents can help the court determine which debts can be discharged. In many cases, the help of an experienced professional can be invaluable as it is important to ensure that all debts that can be discharged in a bankruptcy case are successfully done so to achieve the best result for the person seeking bankruptcy protection.

Source: bangordailynews.com, "O.J. defense attorney F. Lee Bailey again files for bankruptcy in Maine", Darren Fishell, June 27, 2017

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