July 22, 2016 | CAN I KEEP MY CAR IF I FILE BANKRUPTCY? WHAT ABOUT MY HOUSE?
The purpose of a bankruptcy filing is to get out of debt and allow the debtor (the person filing bankruptcy) to receive a fresh financial start. However, it does not necessarily mean that a debtor will need to start all over with no car and no house or other assets to his name. The Bankruptcy Code and the laws of the State of Ohio have built in protections that debtors can take advantage of in order to keep their assets, such as a car, a house, a retirement account, and even money in the bank.
READ MOREJuly 22, 2016 | WHAT DEBTS CAN BE DISCHARGED THROUGH CHAPTER 7 BANKRUPTCY?
Filing for Chapter 7 bankruptcy is an effective way to discharge much of your outstanding debt, provided you qualify. However, not all of your debts can be cleared through this process. The federal bankruptcy code clearly dictates the types of debt that cannot be discharged, and any debts which are not on that list are eligible. DISCHARGEABLE DEBTS When it comes to Chapter 7 bankruptcy, the majority of debts can be discharged. For many individuals, Chapter 7 can actually completely eliminate their outstanding debt. The full list of dischargeable debts is exhaustive, but the most
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