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Are misconceptions about bankruptcy holding you back?

There are many incorrect assumptions about the bankruptcy process, and as a result, negative connotations surround Chapter 7 or Chapter 13 bankruptcy for many Ohio consumers. In reality, rather than being a negative choice, bankruptcy protection can provide much-needed relief for individuals and couples who are facing overwhelming debt.

It is important to have the correct information about bankruptcy in order to make the right decision for you and your family. This option may provide you the debt relief you need from both your unmanageable debt and harassment from creditors.

The truth about Chapter 7 and Chapter 13 bankruptcies

Bankruptcy is not an overnight solution, nor will it provide every financial solution you may need, but it could be the best way for you to regain stability. Here are some important facts that you need to know about consumer bankruptcy protection:

  • Not every debt is dischargeable. Alimony, student loans and unpaid child support is not dischargeable in bankruptcy. By discharging other types of debt, it allows you to more effectively manage those remaining.
  • You will not have to give up your possessions. People often avoid filing for bankruptcy because they believe they will lose their homes, cars and other valuable property. In most cases, a person's house and car are exempt.
  • Bankruptcy will not permanently ruin your credit. Bankruptcy will impact your credit, but you will be able to rebuild it. You can begin this process almost immediately after bankruptcy is final.
  • You will not lose your reputation. With very few exceptions, bankruptcy filings are private. It is possible to complete the entire process without anyone except a few select individuals knowing.

Your financial situation may be beyond your control, and your debt may not be your fault. An accident, prolonged illness or other unexpected circumstance may have led to your current situation, but there is a way out. Filing for bankruptcy does not mean anything negative about you, but simply affirms that you are ready to do whatever it takes for a strong financial future.

Reclaim your finances and your peace of mind

Bankruptcy is not the best option for everyone, but it could be the smart choice for your individual situation. A simple case evaluation with an experienced attorney will reveal if you should move forward with this process. If you cannot pay your bills and find yourself hounded by debt collectors, it may be time to take the appropriate legal steps to reclaim your life.

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Suite 1410
Akron, OH 44308
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401 W. Tuscarawas
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Canton, OH 44702
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Columbus, OH 43215

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Youngstown, OH 44503
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316 North Michigan Street, Suite 420 
Toledo, OH 43604
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Rauser & Associates Legal Clinic LLP
614 West Superior Avenue, Suite 950
Cleveland, OH 44113
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5005 Rockside Road
Suite 600-128
Independence, OH 44131
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2000 Auburn Drive
1 Chagrin Highlands Suite 200
Beachwood, OH 44122
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347 Midway Mall Blvd
Suite 201
Elyria, OH 44035
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