Deciding Whether to File for Chapter 7 Bankruptcy in Fairfield, OH

by | Apr 29, 2014 | Attorney


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Many consumers in Fairfield, Ohio as well as surrounding areas have suffered financially over the past few years due to the recession. Although the economy has improved, many people do not have the ability to repay their debts. When it becomes impossible to repay creditors, it may be time to file chapter 7 bankruptcy in Fairfield, OH.

A lot of people are reluctant to break a promise to repay. However, a lot of people will not be able to repay debts with high minimum payments that require an income level that is no longer available. For example, many autoworkers lost high paying jobs that moved overseas. Those jobs are not coming back. Auto manufacturers benefit from the much lower wages that are paid in other parts of the world. Although the consumer assumed debt while income levels were much higher, the ability to pay disappeared once the jobs disappeared. The replacement jobs don’t pay as well. As a result, it may be impossible to repay the debt. It is not realistic that the borrower will be able to ever repay the debt in full. That is when consumers should seriously consider filing chapter 7 bankruptcy.

Medical debt is another reason why many people file for chapter 7. Medical costs are high in the United States. If a patient did not have health insurance when medical treatment was rendered, the medical providers will want payment from the patient. In many instances, the amounts required to clear the medical bills are much higher than the patient’s income. Furthermore, medical providers want to be paid in full as quickly as possible. That is when consumers decide to contact R. Dean Snyder, attorney or other local bankruptcy lawyers to file for chapter 7.

Very few people sign loan contracts with the intention of declaring chapter 7 bankruptcy to avoid repaying the debt in full. However, bad things happen to a lot of good people who had full intent to repay their debts. Instead of struggling financially to pay for food and housing due to high debt payments, it is much better to get a fresh start by filing for chapter 7.