Research the bankruptcy laws in Ohio before you begin to make a decision about filing for bankruptcy. You must have a complete understanding of the process and what you have to lose and gain from filing for bankruptcy in Ohio.
No one enters a business thinking it will fail. However, things don’t always work out how we plan, and there may come a time when filing for bankruptcy in Ohio becomes the best option for you and your business. Before filing for bankruptcy, keep in mind the following:
1. Look at filing for bankruptcy as a new beginning instead of an ending. Filing for bankruptcy offers you an opportunity to start anew.
2. Understand how Ohio bankruptcy law is going to affect your current business and any possible future business endeavors.
3. Examine the decisions you made that bought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and so you won’t make the same mistakes again.
Determine the exemptions you have under OH bankruptcy lawKnow the exemptions you have available under Ohio bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision to file for bankruptcy in Ohio.
Familiarize yourself with bankruptcy law in OHFiling for bankruptcy has changed drastically with the passage of the 2005 Bankruptcy laws. You may not be eligible to file for chapter 7 bankruptcy, and if you have a valuable asset you want to keep that isn't covered under the exemptions, chapter 13 may be a better option for you anyway.
Hire a good Ohio bankruptcy attorney to get you through the processYou can't file for bankruptcy without a good Ohio bankruptcy attorney. There are plenty of high quality Ohio bankruptcy lawyers to choose from. Find one that is a good fit for you and your business.
- To help you make the decision on whether bankruptcy protection is right for you, determine what your priority debts are before filing for bankruptcy in Ohio. Your priority debts include things such as alimony, child support or any back taxes you may owe that won't be wiped out during the bankruptcy process.