Ashtabula County Bankruptcy Law Firm

Personalized Legal Solutions for Individuals Considering Bankruptcy


Types of Bankruptcy 

The ability to file for relief under the Bankruptcy Code was established by the United States Congress. The law has evolved over time to add and remove restrictions for filing. The most recent change went into effect in October 2005. The main changes instituted by that law change were the addition of education requirements for those who wish to file for bankruptcy relief and income-based limits on filing for Chapter 7 relief. As always, there are many factors to consider when choosing which chapter of bankruptcy relief to seek but an experienced attorney can assist you.

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 Bankruptcy has income requirements to qualify for this relief set by the Bankruptcy Code and based upon the average household income for your family size in the County in which you live. Once it is determined that you qualify based upon income for your household size, the analysis moved onto the value of your assets and ensuring that they are exempted from your creditors including the Bankruptcy Court.

The State of Ohio has established values of certain assets that are exempt from any type of collection by a creditor, except the federal government, and those exemptions have been adopted by the Bankruptcy Court. This means that it is possible to keep your car and your home if you continue to pay on them. There are instances, best discussed with your attorney, where you may have to surrender or pay to the court the nonexempt value of one of your assets. 

Once you have sought Chapter 7 Bankruptcy relief you will have to attend a ‘meeting of creditors’ conducted by the bankruptcy Trustee assigned to your case. 99% of the time your creditors are not present. If there is no equity to turn over and if you have completed the second of the required classes you should receive complete relief from your dischargeable debts about 90 days after you file.

Chapter 13 Bankruptcy

When seeking relief under a Chapter 13 Bankruptcy filing you are in the situation of:

  1. having an income that allows you to repay some of your debt while discharging the remainder,
  2. protecting non-exempt value in your assets,
  3. catching up on payments you are behind on relating to your house or car, and
  4. sometimes adjusting or eliminating property settlements from a divorce.

The relief from your debts in a Chapter 13 filing comes after the completion of a Court and creditor approved “Plan” that lasts from 3-5 years. This Chapter allows for some freedom in asset management and protection that a Chapter 7 filing does not, but it must last at least 3 years.

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