The Ohio bankruptcy law has been modified to incorporate the new federal bankruptcy law implemented in 2005. In accordance with the amended Ohio bankruptcy law, you must complete credit counseling sessions with a recognized counseling agency within six months of filing for bankruptcy. After registering for bankruptcy in the state of Ohio, the state's new bankruptcy law mandates that you complete financial management courses.
Before initiating the bankruptcy registration process, Ohio law mandates that you compile all pertinent documents. The document includes a list containing information about your current source of income, monthly living expenses, major financial transactions from the previous two years, unsecured and secured debts, tax returns from the previous two years, any outstanding loans at this time, and any non-exempt property, asset, or title deed. Your attorney should have this itemized list when filing for bankruptcy.
After completing the necessary documents, you can communicate with your attorney about filing for bankruptcy. Before filing for chapter 13 or chapter 7 bankruptcy in Ohio, you are required to pass a means test.
Individuals who qualify for chapter 7 bankruptcy are permitted to submit all of their assets to the trustees. The bankruptcy trustee then liquidates these assets to pay off your debts. The Ohio bankruptcy code requires you to produce a certificate from any government-recognized agency following the settlement of your debt. The certificate verifies your participation in the financial management educational course. This procedure is as stringent as Florida's bankruptcy law, but its completion will relieve you of all financial obligations.
In chapter 13, you are provided with various options for paying off your debts without surrendering your non-mortgaged properties and assets to your creditors. You are granted a 5-year period to discharge your debts in this document. The court will grant approval for the debt discharge plan. The Ohio bankruptcy code declares you debt-free upon completion of the repayment plan and the financial management course.
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