At The Romano Law Firm, we have the knowledge and experience to help get you through bankruptcy and come out the other side with a fresh start. With more than 17 years of experience handling a wide variety of bankruptcy cases, we are able to answer all your questions and advocate for your best interests while you work with the court and your creditors to resolve your debts.
Please call us before taking any legal action on your own behalf. There are often many other options available to persons and entities that are heavy-laden with debt, and we can help ensure you have considered all the alternatives before filing for bankruptcy.
Call (216) 621-7777 today to speak to a Cleveland bankruptcy attorney and schedule your free, no-obligation consultation with Joe Romano, Esq.
Myth: You can never obtain credit after declaring bankruptcy.
Fact: Bankruptcy can actually help you repair your credit more quickly.
Yes, you have some financial difficulties, but it does not ruin your credit forever. Of course, your credit rating will take a hit, but you can file for bankruptcy and successfully get into a car loan with a decent interest rate in one year. Others have qualified for home loans in two to three years. In fact, bankruptcy can be the first step to get back on track and repair your credit.
Myth: Bankruptcy stays on your record forever, and your future prospective creditors will always know about your bankruptcy.
Fact: A bankruptcy will only stay on your credit report for six to eight years.
All other negative debts that existed on your credit report, the "negative trade line" entries, must all be removed. In reality, your credit score after a bankruptcy depends on what you do with your credit in those six years after discharge. If you straighten out your finances through bankruptcy and keep everything straight, you'll come out the other end with better credit.
Myth: If you declare bankruptcy, you will lose everything you own.
Fact: You'll be able to keep most of your real estate, assets, and other property.
Ohio, like other states, has "exemptions," which is short for "things you are allowed to own that are exempt from being liquidated." These declare what creditors can do to you after they get a judgment against you. Most assets that people own in Ohio (clothes, furniture, jewelry, etc.) are exempt. Ohio also has a very good exemption for houses and cars. So, most people will also be able to keep their house and cars in a bankruptcy.
At The Romano Law Firm, we have the answers to all your bankruptcy questions. We have made a name for ourselves by being empathetic advocates and providing skillful, unfailingly professional legal service to all of our clients. If you are considering bankruptcy as a solution to your debt, we urge you to give us a call and find out how our Cleveland bankruptcy lawyers can help you fight for a better outcome.