Chapter 7 Bankruptcy Lawyer in Cleveland
Providing Skillful, Empathetic Bankruptcy Services in Cleveland Since 2003
At The Romano Law Firm, we provide empathetic, strategic bankruptcy services for couples, individuals, and small businesses in northern Ohio. We have been handling a wide variety of bankruptcies for more than 17 years, and we are prepared to use our knowledge and expertise to your advantage. During that time, we have become very familiar with the personal, emotional, and financial difficulties that bankruptcy creates for our clients, and we put a lot of time and effort into making sure you have peace of mind and healthy expectations throughout the process.
The Process of Chapter 7 Bankruptcy
Chapter 7 bankruptcy gives you the option of liquidating your assets in order to pay off as much of your debts as possible. However, this form of bankruptcy does not give you the liberty of choosing which assets will be liquidated and which ones will not.
After you file for bankruptcy under Chapter 7, the court will appoint an impartial, third-party trustee to liquidate your nonexempt assets, divide the resulting funds, and give as much as possible back to your creditors. First, the trustee will pay off your unsecured priority debts, which may include debts such as unpaid taxes, alimony, or child support. After your unsecured priority debts are paid off, the trustee will use any remaining funds to pay off your secured debts, which often take the form of mortgages, auto loans, or any other debt you have secured by collateral.
In the event that liquidating your assets does not generate enough funds to pay off your unsecured debts in their entirety, the trustee assigned to your case will pay your creditors proportionately.
Qualifications for Obtaining a Chapter 7 Bankruptcy
You may be eligible to file for bankruptcy under Chapter 7 in Cleveland if the following are true:
- You have completed credit counseling in the last six months before filing for bankruptcy; and
- You pass the “means test,” which means that your monthly income is less than the median for a household of the same size in Ohio; or
- You do not pass the “means test,” meaning that your monthly income exceeds the median in Ohio, but you have a certain low level of disposable income that may still make Chapter 7 bankruptcy feasible.
Chapter 7 bankruptcy may sound good on its face but, ultimately, it may not be right for you, either because you do not qualify or because there is a more effective way of resolving your specific debts. In order to make an informed decision, you must first consult a highly skilled bankruptcy attorney with years of experience. At The Romano Law Firm, we are prepared to help you evaluate your options and make informed decisions about your financial future, starting with a complimentary, no-obligation case evaluation.
Call (216) 238-0880 today to speak with Joe Romano and schedule your free, no-cost consultation with an experienced bankruptcy lawyer in Cleveland.
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.
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.