If you’re in over your head with debt, you might be wondering if filing for Ohio bankruptcy is the right option for you. It can be a complex process, and there may be other solutions depending on the circumstances of your financial situation. We’ve rounded up some common questions we hear about bankruptcy, and we hope it’s helpful to you. If you have any additional questions as you’re browsing this website or considering your options, please don’t hesitate to call us at (888) 726-3181 for a free consultation of your situation. Our Columbus bankruptcy lawyers are happy to help.
How much does it cost to file for bankruptcy?
The fees for bankruptcy vary depending on the type of bankruptcy you wish to file and the complexity of your case. Most bankruptcy attorneys will offer very flexible payment plans to make certain you can afford to file your case.
Do married couples have to file individually or jointly?
Married couples can file either individually or jointly. There is only a $20 difference in cost associated with filing jointly versus individually.
Do I have to go to court?
Yes. In a Chapter 7 bankruptcy, there is one hearing. In a Chapter 13 bankruptcy, there is at least one, and possibly two hearings. Your bankruptcy attorney is with you at these hearings and represents you every step of the way. The hearings are very straightforward and non-adversarial.
Is filing bankruptcy a public or private matter?
Filing a bankruptcy is a public filing. It is typically not made public through normal media outlets. Someone would have to really be searching in order to find it. Practically speaking, the only people who know of your filing are your attorney, the trustee, your creditors and whomever you have decided to tell.
If I have filed a bankruptcy before, can I file again?
Yes, you can file for bankruptcy multiple times. If your bankruptcy ended in a discharge, you would need to wait at least eight years between Chapter 7 filings; two years between Chapter 13 filings; and four years between a Chapter 7 and Chapter 13.
Does it take a long time to file a Bankruptcy?
An experienced bankruptcy attorney and paralegal should be able to do perform an emergency filing and can file cases within a matter of days. As with every area of law, the timing depends on your particular situation, your preparation, and the attorney you decide to hire.
How long will bankruptcy stay on my credit report?
Generally speaking a negative item stays on your credit report for seven years. A bankruptcy filing stays on your credit report for 10 years. That said, this does not mean that once you file a bankruptcy you will not be able to obtain traditional financing for large purchases (houses/cars, etc). It simply means that if a lending institution is considering lending to you after a bankruptcy filing, that institution would take the fact that you filed for bankruptcy into consideration. Most people who file for bankruptcy are able to obtain approval for credit in the future. In fact, in some instances, a person’s credit score could increase after filing for bankruptcy.