Chapter 7 Bankruptcy Facts

Fact # 1

  • Unless you have committed fraud, Chapter 7 bankruptcy erases your unsecured credit card debt.

Fact # 2

  • The benefits of Chapter 7 kick in as soon as your case is filed.  You immediately get protection from creditor calls.

Fact # 3

  • You do NOT automatically lose your house when you file a Chapter 7 bankruptcy; in most cases you keep your home provided you make your payments.

Fact #4

  • Chapter 7 dos not prevent you from buying a future home for your family.  It is simply a way to get a fresh start and move on with your life.

Fact #5

  • In Ohio, keeping your car is generally not a problem, whether you owe money or not.

Fact # 6

  • Ohio allows a generous exemption for household goods.  This means that it is unlikely that you will lose any of the personal property in your home if you file a Chapter 7 bankruptcy.