Bankruptcy laws in ohio?

[tiernan]

im thinking about filing Bankruptcy.what options do i have?
i see info from 2005 but i don't know if its current

what types are there ?any one i can start fresh and not pay anything? im about to live in a cardboard box now as it is!

[cuartio52]

Bankruptcy laws are the same in Ohio as in the rest of the country because bankruptcy laws are Federal law (Federal bankruptcy code = 11 USC).

Info from 2005 is very likely out of date since the 2005 bankruptcy reform act (BAPCPA) changed quite a few things about bankruptcy.

There are many types of bankruptcy, but consumers are only eligible to file under 4 Chapters of the bankruptcy code:

Ch 7: All non-exempt assets (if any) are liquidated (97% of all consumer Ch 7 bankruptcy cases have no assets that need to be liquidated) to repay creditors; all remaining debts that are eligible for discharge are discharged.

Ch 13: "Wage Earner" bankruptcy - you repay creditors based on your income over the next 3-5 years. You will repay between 0% and 100% of your debts, depending on how much disposable income you have and on your objectives in bankruptcy and what non-exempt assets you may need to protect. You need to see a bankruptcy attorney to get the correct calculation of exactly how much you need to repay and what your monthly payments would be. The rest of your eligible unrepaid debts, if any, are discharged when you complete your repayment plan.

Ch 12 (rare); Only family farmers and fishermen (or women) are eligible to file this chapter of bankruptcy.

Ch 11: (rare) Individuals can file Ch 11 but it is generally used only by millionaires (or former millionaires) and by businesses. It is much more complicated and much more expensive than either Ch 7 or Ch 13.

Bankruptcy may be able to discharge your old unsecured debts, but it does not solve the problem of too little income. Generally people who are at the point of having to live in a cardboard box also have a problem of having too little income as well as (possibly) a problem with old debts.

Some people wonder if they can discharge their mortgage debt and get to keep the house. The answer is no. You can surrender the house in bankruptcy if you can't or don't want to keep paying the mortgage. OR you can keep paying the mortgage and keep the house. But you can't stop paying the mortgage and get to keep the house.

For a real assessment of your options, make an appointment with a local bankruptcy attorney (most offer one free appointment - take advantage of it). Do not rely on info you read about bankruptcy on the Internet as much of it is outdated, inaccurate, or not applicable to your particular case.