Bankruptcy FAQ’s

Bankruptcy: Frequently Asked Questions (FAQ)

Empathetic, Professional Bankruptcy Attorneys Serving Cleveland Since 2003

When you call The Romano Law Firm for help handling your bankruptcy matter, you will receive thoughtful, strategic, and skillful legal representation of the highest quality. Cleveland bankruptcy attorney Joe Romano, Esq. has been serving members of his community in northern Ohio for more than 17 years, and he has helped thousands of people and entities resolve their financial conflicts as quickly and effectively as possible.

If you are considering bankruptcy, we urge you to call our Cleveland bankruptcy law firm as soon as possible. Bankruptcy matters are complicated, expensive, and impossible to handle without the aid of an experienced legal advocate. It would be our pleasure to be your trustworthy legal counselors during this time, and we are prepared to offer you a free, no-cost case evaluation as soon as possible.

Call (216) 621-7777 to schedule an appointment.

Bankruptcy – Frequently Asked Questions

If I file for bankruptcy, will it ruin my credit forever?
It is true that filing for bankruptcy does hurt your credit in the short-run, and your credit score will likely suffer for a short time. However, you may be able to obtain an auto loan with a doable interest rate within one to three years of your bankruptcy being finalized. In many ways, declaring bankruptcy may be just the reset button you need, and filing sooner rather than later could save your financial future from greater disaster.

Will bankruptcy remain on my record for the rest of my life?
Once your bankruptcy is finalized and your debts are paid or discharged, negative debts will be eliminated from your credit report. It is also true that your credit score will go down after your bankruptcy is made final; however, whether or not your score improves depends on whether you take the opportunity to get back on track and straighten out your finances during the years following your bankruptcy. If you make positive advances in paying off your debts and living within your means, you could see a significant improvement in your credit score within several years.

Will I lose all my possessions if I file for bankruptcy?
Not necessarily. Depending on the type of bankruptcy you file for, your debts will be classified and remedied differently, and your property and assets will be sorted into different categories. It is true that, in some types of bankruptcy, your major assets such as cars and real estate must be liquidated or sold in order to pay your creditors; however, this is not always the case. If there are certain possessions or ownership interests you wish to protect more than others, it is especially critical that you consult an attorney before making a move. Otherwise, you may unintentionally file for a form of bankruptcy that requires you to part with dearly held property.

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