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Have you wondered if filing Chapter 13 in Ohio is the best way to get rid of your debt problems? Would filing bankruptcy help or hurt your financial situation? We will answer all of this and more in this article.

In short, filing Chapter 13 bankruptcy in Ohio can eliminate debt and protect your assets. However, there are many things to consider before filing for bankruptcy relief. You are committing to a bankruptcy repayment plan that could last for up to five years.  This is why understanding the bankruptcy differences and understand your Chapter 13 plan payment is crucial to making the most informed decision. Let’s get started.

Chapter 7 vs Chapter 13 bankruptcy:

It is crucial to understand some facets of a Chapter 13 bankruptcy vs Chapter 7 bankruptcy.

Chapter 7 Bankruptcy: A chapter 7 bankruptcy can also be termed as a ‘liquidation bankruptcy.’ This is when a debtor is not able to pay debts, and they file Chapter 7 to try and discharge the debts. Chapter 7 is not as expensive, and it can be finished in less time (as little as 120 days) as long as you are eligible. Below, we have a calculator that can assist you to know your Chapter 13 payment arrangement and if you qualify for a Chapter 7.

Chapter 13 Bankruptcy: It is also called the ‘wage earners’ bankruptcy. Here, debtors (with their lawyer’s assistance in some cases) enter into a three to five-year installment repayment agreement to be honored monthly. It gets hard for some people to file for Chapter 7 because either they have valuable assets or their earnings are on the higher side.

Calculating your Ohio Chapter 13 Bankruptcy Plan Payment

The Chapter 13 bankruptcy Ohio payment plan estimate takes into account the IRS National expense figures and also specific Ohio expenses such as housing expenses. It also considers your unique financial situation, which is why we built the Ohio Chapter 13 Calculator below.

Factors used when calculating a Chapter 13 plan include, but are not limited to:

  • Disposable Income — The amount of income you have each month after subtracting allowable payroll deductions and allowable living expenses from your gross monthly income.
  • Assets — In some cases, the value of your assets could increase the amount of your Chapter 13 plan if your assets have large amounts of non-exempt equity. We discuss Ohio bankruptcy exemptions in more detail below and how exemptions impact your Chapter 13 plan. 
  • Debts — Some debts must be paid in full through the Chapter 13 plan (priority unsecured debts such as taxes, alimony, child support, and administrative costs). Other creditors may receive partial payments, including unsecured debts, such as medical bills, credit card debt, and personal loans. Chapter 13 plans typically include back mortgage payments and car loan payments.
  • Recent Financial Transactions — Some recent financial transactions could impact your Chapter 13 plan. 

You can also explore detailed information about Chapter 13 by reading our article entitled “Chapter 13 Bankruptcy – Everything You Need to Know.”

Ohio Means Testing

For example, the Chapter 13 calculator above takes into account Ohio means testing data found here to evaluate if may be the right candidate for a Chapter 7 bankruptcy. There is also information for the Ohio Means Test on and after May 15, 2021, in the table below.

# of PeopleAnnual Income
1$52,415
2$67,059
3$79,022
4$96,175
5$105,175
6$114,175
7$123,175
8$132,175
9$141,175

Ohio Bankruptcy Exemptions

Before filing for Chapter 13, ask yourself if you have any assets above the exemption. Though you might qualify for a Chapter 7, a Chapter 13 or debt settlement is the best option in case you have a significant equity holding in an asset.

Ohio has its statutes and bankruptcy exemptions that govern how the process of filing for bankruptcy is done. Assets above the Ohio bankruptcy exemption may be liquidated.

Chapter 13 Bankruptcy Ohio Trustees

Some of the responsibilities of the trustee include liquidating the non-exempt assets of the debtor. There are not as many Chapter 13 trustees as there are Chapter 7 trustees. Check out the following list of all the Ohio Chapter 13 bankruptcy trustees below.

DistrictNamePhone
NorthernMichael A. Gallo(330) 743-1246
NorthernLauren A. Helbling(216) 621-4268
NorthernKeith L. Rucinski(330) 762-6335
NorthernDynele L. Schinker-Kuharich(330) 455-2222
NorthernElizabeth A. Vaughan(419) 255-0675
SouthernMargaret A. Burks(513) 621-4488
SouthernFaye D. English(614) 420-2555
SouthernJohn G. Jansing(937) 222-7600
SouthernFrank M. Pees(614) 436-6700

Ohio Bankruptcy Districts and Court Locations

For example, there are 2 bankruptcy districts in the state of Ohio namely: Northern and South District. Furthermore, Ohio has an informative interactive Ohio bankruptcy county distribution map that shows more about the county distributions for the bankruptcy districts.

Below are the court websites that you can visit to get more information about each Ohio bankruptcy district:

Should I pursue a Chapter 13 Bankruptcy in Ohio?

First of all, a chapter 13 bankruptcy is a legitimate alternative for those with overwhelming debt, those who aren’t interested in Chapter 7 or they don’t simply qualify. Still, there are other alternatives, including debt settlement, debt payoff planning, and debt management, as per your preference and after weighing in all the pros and cons. With our Chapter 13 calculator, you can use it as a source or for conducting personal research.

In conclusion, debt can bring about endless frustration and stress. On that note, we hope that this article will play a great role in helping you on the path to freedom from debt.

Post Author: Ben Tejes

Ben Tejes is a co-founder and CEO of Ascend Finance. Before Ascend, Ben held various executive roles at personal finance companies. Ben specializes in Chapter 13 Bankruptcy, Debt Settlement, Chapter 7 Bankruptcy and debt payoff methods. In his free time, Ben enjoys spending time going on adventures with his wife and three young daughters.

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