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.
- 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.
- 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.