Why There’s No Reason for Embarrassment When Filing for Chapter 13 Bankruptcy in Cincinnati, OH

Most people hate the idea of filing for Bankruptcy in Cincinnati OH, even if they’ve been struggling with serious financial problems for a long time. The stress of repeated phone calls from collections departments and threats of legal action take their toll, but bankruptcy still seems like an absolute last resort.

About Chapter 13

The possibility of Chapter 13 may seem more appealing to many of these individuals when compared to Chapter 7 since Chapter 13 allows each person to fulfill most of their obligations to credit card companies, vehicle financing organizations, and other creditors. They won’t lose their house, car, or any other assets they might still have. Instead, they repay the amount owed over several years in addition to staying up to date on their current obligations.

Privacy

People who feel embarrassed about the prospect of filing for Chapter 13 Bankruptcy in Cincinnati OH may want to remember certain factors. First, it’s unlikely that others will find out they are filing unless the person tells them. The one exception to this might be if the individual lives in a small town or rural area where the local newspaper still publishes bankruptcy filings. If that’s the case, educating acquaintances about what Chapter 13 actually involves is a helpful strategy.

Compassion

Second, it’s important to realize that most people are not nearly as judgmental about this type of decision as someone might think. Bankruptcy filings with the assistance of a lawyer such as R. Dean Snyder have become relatively common. Nearly a million U.S. residents filed in 2016 and most people know someone who has done so. Especially since the Great Recession, people have become increasingly compassionate about the circumstances that can lead to serious financial problems and are not so quick to judge.

Restructuring

Third, it may help to remember that some of the most influential individuals and corporations have taken this step. Corporations often file for a form of protection that allows them to restructure and meet their obligations. An individual can very well look at his or her financial situation this way as well. Schedule an appointment online to ask any questions or get started on the process.

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