Posts Tagged ‘bankruptcy law’

Free Yourself From Financial Burdens In Ohio

All the US states have their methods for tackling with bankruptcy. The methods used by the US states are based on frameworks related to common bankruptcy codes. However, the definition of bankruptcy law is unique for a state and it has close relation to the different parameters in the state.

There has been amendment in Ohio bankruptcy law for including the new Federal bankruptcy law introduced during 2005. In the amended Ohio bankruptcy law, you are required to undergo credit counseling sessions from recognized counseling agencies before 6 months of filing the bankruptcy. New Ohio bankruptcy-law also requires you for undergoing through instructional courses of financial management after filing bankruptcy in the state of Ohio.

Prior to commencing with the procedures of filing bankruptcy, Ohio bankruptcy law requires you to gather every document relevant to the bankruptcy case. The document includes a list that consists of information related to your current source of income, monthly expenses for your living, details of major transaction related to finances in the previous two years, unsecured and secured debts, tax returns of previous two years, any loan outstanding at the current stage and any property, asset or title deed that has not been exempted. Your lawyer should have this itemized list at the time of bankruptcy filing.

After the completion of the paperwork, you can communicate to your lawyer for bankruptcy filing. Ohio bankruptcy law requires you for completing a certain means test prior to the application for chapter 13 or chapter 7 bankruptcy.

Individuals qualified for chapter 7 bankruptcy can submit all their assets to bankruptcy trustees. Bankruptcy trustee then liquidates these assets for paying your outstanding debts. After payment of the debt, Ohio bankruptcy law requires you for producing a certificate from any government recognized agencies. The certificate confirms your participation in the instructional course of financial management. This procedure is as strict as the one in Florida bankruptcy law but its completion clears you of your financial burdens.

In case of chapter 13, you are given different means for paying off your financial debts without the submission of your properties and assets, which are not mortgaged to your lenders. Here, you are provided with a 5-year period for discharging your debts. The plan for discharging the debts will be approved by the court. After the finalization of repayment and your completion of the instructional course on financial management, Ohio bankruptcy-law declares you free from your debts.