If you're considering Chapter 7 bankruptcy, you're probably seeing flashes of old movie scenes where a formerly successful person goes bankrupt. Hollywood usually depicts these scenes with images of movers coming into the house and taking away all of the person's possessions. Usually, they're just left with the clothes on their back.
According to recently released data, bankruptcy is getting less common in the United States. The data firm Epiq Systems Inc. reported that the total number of bankruptcy filings in the country declined by about 13 percent in 2013 to the lowest level since 2007.
People who are faced with overwhelming debt may be good candidates for Chapter 7 bankruptcy protection. Filing Chapter 7 bankruptcy is a way for a consumer to have most debts discharged, and emerge with a fresh financial start. Many Ohio consumers, however, might not understand exactly what it means to have debts discharged.
Many individuals facing substantial debt see filing for bankruptcy as a last resort. Though many may be unwilling to consider bankruptcy initially, it can provide an opportunity for a fresh financial start. One of the most important steps is determining whether filing for Chapter 13 or Chapter 7 bankruptcy is right for you.