Re: SOL in Ohio

Posted by Linda on December 19, 2001 at 10:49:57:

In Reply to: Re: SOL in Ohio posted by Tracy on December 19, 2001 at 02:14:44:

Federal Bankruptcy laws allow you to keep your personal belongings (homestead) - but since Ohio is so tough on debtors, check with an attorney, because the states can add in their on little thingies. For example, most states don't touch life insurance cash value, but Virginia does.

For that amount of money, and considering your circumstances, the attorney will most likely tell you to file now, don't wait. There is a lot of evidence to support their reasons for saying that. If that's what they say, and it were me, I would do it. It is easier to come back from bankruptcy than to spend years fighting collection agencies and attorneys, and your credit will be trashed for a longer period of time.

After bk you can start rebuilding your credit immediately. With collections and chargeoffs on your report, you can't rebuild at all.

Linda

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