Bankruptcy Myths

Bankruptcy Myths

Cleveland Bankruptcy Attorneys Providing Thoughtful, Informed Legal Counsel Since 2003

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) 238-0880 today to speak to a Cleveland bankruptcy attorney and schedule your free, no-obligation consultation with Joe Romano, Esq.


Debunking Some Bankruptcy Myths

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.

Have More Questions About Bankruptcy? Call Joe Romano, Esq. for Help

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.

Call (216) 238-0880 today to get started.

Our Clients Matter Most

Client Testimonials
  • No regrets!

    “He was so interested to listen to my concerns and ever more on helping me figure and fix things out! Truly the perfect bankruptcy attorney to fill your needs!”

    - Yho V.
  • Joe Romano did a great job for me.

    “He's knowledgeable, he's diligent, and he fought hard for me. I wouldn't hesitate to recommend him to anyone who needs legal help.”

    - Zeke R.
  • Extremely professional and prompt.

    “Mr. Romano was extremely professional and prompt in helping to resolve my matter. I am very grateful to have stumbled upon his services while browsing for representation on the internet.”

    - Jeff M.
  • Mr. Romano has worked with my family on several matters.

    “We have worked with him for over 7 years now and he comes highly recommended.”

    - Paula G.
  • What a great lawyer!

    “Joseph saved me tens of thousands with my bankruptcy. I wouldn't hesitate to recommend him to anyone.”

    - Kristina B.
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Results That Prove Themselves

Notable Cases
  • Successful Judgment Dawson v. J&B Detail

    Court determination that "On-Time Pay System" (kill-switch) is an attempt to collect a debt and must be removed from a vehicle upon the filing of a Ch. 13 bankruptcy)

  • Successful Defense Jennings v. Bodrick

    Creditor argued that debtor was in on a Nigerian scam to invest in the international sale of auto parts.

  • Successful Defense Thomas v. Kuhn

    Successful defense of a title company in a trustee's efforts to invalidate a mortgage and take property of debtor for benefit of creditors of the debtor.

  • Successful Defense Rhiel v. Seye (In re Kebe)

    Represented the 3rd party co-owner of property, showing that value of property to Seye outweighed the value of the property to the creditors of the debtor's bankruptcy estate.

  • Successful Appeal In re DeVito

    When a Ch. 13 plan is filed it becomes the plan, superseding all previously filed plans. Court was wrong to dismiss case based on the non-confirmability of a chapter 13 plan that had been amended

  • First Circuit Court Level Decision In re Davis

    Sixth Circuit found that debtor's filing Chapter 13 bankruptcy are permitted to continue deductions made from payroll into retirement in the Means Test and can continue to fund the retirement plan throughout the life of the chapter 13 plan provided the debtor was doing so prior to the filing of the Chapter 13.

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A Promise to Our Clients

What You Can Expect
  • Free Consultations

    Whether it's in person or through phone or video, your first initial consultation with us is free!

  • Results-Driven Legal Strategies

    With a strategy put in place after evaluating your case, Attorney Joe Romano can get you the results you need.

  • Direct Access

    When you call our office, don't expect to be passed around. You will get direct access to our attorney to speak about your case.

  • Knowledge & Experience

    With nearly two decades of experience, Attorney Joe Romano is equipped with the knowledge to handle the toughest of bankruptcy cases.

Ready to Take the First Step?

Our team is ready to help you get started with your bankruptcy matter. Request a free consultation today to discuss your case.