Ashtabula County Bankruptcy Law Firm

Personalized Legal Solutions for Individuals Considering Bankruptcy


Nobody plans to one day file for bankruptcy. It’s often seen as a last-resort option for those who have run out of financial options and, for many, carries with it an embarrassing stigma.

Nevertheless, if you find yourself struggling with insurmountable debt, filing for bankruptcy is truly a wonderful option provided for under U.S. law.

For most people who do end up considering bankruptcy, the reason is usually understandable and possibly even unavoidable. Maybe you had a serious medical situation and, as a result, became overwhelmed with medical bills. Or maybe you lost your job or your pay was cut. It’s also possible that you’re going through a divorce, or even just innocently assumed you’d be able to pay off those student loans and mounting credit card debts.

It happens to a lot of people, and too few understand how useful bankruptcy can be.

That said, the laws surrounding bankruptcy are complex. Below, we’ll take a brief look at the two types of bankruptcy you can file for in the U.S. — Chapter 7 and Chapter 13. But you might not know which is right for you or what steps should be taken without speaking to a qualified bankruptcy lawyer.

If you’re ready to talk through your situation and begin to free yourself from your financial woes, get in touch with Moseman Law today. You can call us at (440) 255-0832 or fill out our online contact form and we’ll be in touch.

Chapter 7 Bankruptcy

Chapter 7 is known as liquidation bankruptcy, and for good reason. Basically, most of your assets will be liquidated to pay back creditors a portion of what you owe, meaning the majority of what you own will no longer be yours. That said, you can keep some assets, including your house and car if you can continue making payments on them.

The good news is that the majority of your debt, including medical bills, credit card bills, and payday loan bills will be removed. You might, however, still have some bills that are not covered, including student loans, taxes, and child support.

There is also a limit placed upon how much money you can make to file for Chapter 7. If you exceed that limit, then Chapter 13 will likely be your only option.

Chapter 13 Bankruptcy

Unlike Chapter 7, Chapter 13 does not involve the liquidation of your assets. Generally, you keep everything and are required to join a repayment plan to pay back your debt. This is typically used when you make a living and are able to pay some of your debt, just not at the rate expected from your creditors.

It’s important, however, to be aware of the many nuances of the law. For example, once you file for Chapter 13, you are no longer allowed to obtain any new credit of more than $500 without explicit court permission.

Ready to Figure Out the Best Plan for You?

Don’t hesitate to get in touch! While the above is an overview, the best path forward is highly individual and should only be decided with the help of a knowledgeable attorney who understands the intricacies of bankruptcy law. The last thing you want is to begin a process that you don’t fully understand and that will only serve to make matters worse for you and your loved ones down the road.

Bankruptcy Lawyer in Ashtabula County

If you live in Ashtabula County and would like to speak with us about your options, get in touch! You can reach Heather Moseman, Ashtabula County bankruptcy attorney, at (440) 255-0832, or by completing our brief online contact form.


Moseman Law Office, LLC

Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving all of Northeast Ohio and providing personalized legal solutions to its clients.

Contact Us

Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832