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Chapter 7 is the fastest and most common form of bankruptcy, and it typically takes four months from the day the case is filed until the day you get your discharge.
The Two Types Of Bankruptcy THE ?FRESH START? BANKRUPTCY is the fastest and easiest form of bankruptcy for an individual. Known officially as chapter 7 bankruptcy, you are able to eliminate your dischargeable debts without making any repayments. If you qualify, your entire case will generally last for only 3-4 months.
This is a common question we hear from clients who are curious about Ohio bankruptcy laws. The simplest answer to this question is that there is no minimum debt required for bankruptcy in Ohio. Instead, whether or not you qualify for bankruptcy will depend on your individual situation.
Filing a bankruptcy case can be difficult, therefore, debtors are strongly encouraged to seek the advice of a licensed attorney. Corporations and partnerships are required to have an attorney. However, individual filers, commonly referred to as "pro se," may represent themselves.
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Corporations and partnerships are required to have an attorney. However, individual filers, commonly referred to as "pro se," may represent themselves. Pro se debtors and creditors must be familiar with and adhere to all bankruptcy rules and procedures, and will not be provided legal advice by the court.
Collect Your Ohio Bankruptcy Documents You'll be required to submit some of these documents when you file your case, like your last two years of tax returns, your last 60 days of pay stubs, and any statements showing bank account balances on your filing date.