Mentor Bankruptcy Attorney

Frequently Asked Questions about Bankruptcy and Debt Relief

When it comes to bankruptcy and debt, it’s natural to have a lot of questions and concerns about how this will affect you and your family. We hope this list of answers will help put your mind at ease.

We realize that you may have additional questions, so we encourage you to reach out to us and let us answer those so you can get on with your life. The good news is that there is help available for you! Contact Attorney Heather Moseman at Moseman Law Office, LLC today to learn more!


What will happen to my home?

Typically, individuals who file a Chapter 7 Petition for Bankruptcy keep their homes. Furthermore, a homestead exemption exists that allows you to retain a portion of the equity in the home. Finally, you may decide to, or your financial lender may require you to, enter into a reaffirmation agreement following your discharge wherein you agree to reassume the debt associated with your home.

What will happen to my vehicle(s)?

You will likely be able to keep your automobile. Individuals that file bankruptcy also get an exemption which protects a portion of the equity in their automobile(s). Here again, you may wish to, or the lender for your vehicle(s) may require you to, enter into a reaffirmation agreement which is your promise to repay your loan on the vehicle(s).

How will this affect my credit score?

Filing bankruptcy will impact your credit score, however, individuals will begin to see improvements to their credit score within two years of their discharge, if not sooner. It is not uncommon for most people who are thinking about filing bankruptcy to already have low credit scores due to their present circumstances. Following discharge, individuals have the opportunity to rebuild and maintain their credit score moving forward.

Will I be able to buy a new home?

Receiving a discharge through bankruptcy in no way prevents an individual from purchasing a home in the future. However, because of the potential effect on an individual’s credit score, it may be a year or two until you are able to purchase real estate.

Do my spouse and I have to file jointly and if not, will it still hurt their credit?

Often times the situation is such that it makes sense for both spouses to file together, however it is not required. If your spouse keeps current with his or her financial obligations, your bankruptcy filing will not have an impact on your spouse’s credit score.

What will happen to my past income taxes?

Typically, federal and state income taxes are not dischargeable. However, federal and state income taxes that are more than 3 years old may be dischargeable. Income taxes must be looked at on a case by case basis and there are several requirements that must be met for their discharge through bankruptcy.

What will happen to my personal property?

Most individuals will be able to keep the majority, if not all, of their personal property. When filing for bankruptcy, an individual is allowed certain exemptions just like the homeowner’s exemption and automobile exemption, which may be applicable to individuals personal property.

Can I only file Bankruptcy once?

An individual can file a petition for Chapter 7 bankruptcy eight (8) years from the date of your previous filing. There are no time requirements to file a Chapter 13 bankruptcy, but whether you can discharge your debt depends on the type of bankruptcy you filed in the past and how much time has elapsed since the filing of your last bankruptcy.

What will happen to past child support or spousal maintenance?

Child support, maintenance, or alimony are not dischargeable in any form of bankruptcy. However, depending on the circumstances, a Chapter 13 payment plan may help you get caught up on past due payments.

What will happen to my retirement investments?

Most pensions, IRA’s, 401(k) plans, and other qualified retirement plans are exempt from your creditors in bankruptcy and the funds will still be available after your discharge.

Can student loans be discharged?

Typically, student loans are not dischargeable. Student loans can only be potentially discharged in extreme circumstances when an individual has lost much or all of his or her future earning capacity. Read more bankruptcy and student loans here.

Will I be able to get my license reinstated if it has been suspended due to parking tickets or other unpaid fines?

In an individual’s license has been suspended due to unpaid tickets or certain types of lawsuits resulting from a car accident, it is likely that his or her license will be reinstated by filing a Chapter 13 bankruptcy.

How long does it take to get a discharge?

In Chapter 7, an individual typically receives his or her discharge thirty (30) to forty-five (45) days following their meeting of creditors. The meeting of creditors is typically scheduled thirty (300 to forty-five (45) days from the date of filing your bankruptcy petition. It’s important to note that once an individual files his or her bankruptcy petition, almost all creditors must cease all collection attempts, including harassing telephone calls. In Chapter 13, an individual receives his or her discharge after making all payments pursuant to the terms of the plan. As with a Chapter 7 bankruptcy, once a Chapter 13 petition is filed, most creditors must cease all collection attempts.

What do I need to bring to my appointment?

At the initial consult, an individual considering bankruptcy should bring with them as much of the following that is readily available:

  • Tax Returns for the last two (2) years;
  • Pay Stubs for the last 6 months for your (and spouse if applicable);
  • Copy of recent bank statements for all accounts;
  • Copy of life insurance policies;
  • Copy of 401K plan;
  • Copy of property deeds;
  • Copy of any home loan or refinancing;
  • Titles to vehicles owned along with proof of insurance; and
  • Recent credit card and other bills.

Contact your Debt Relief Law Firm in Mentor, OH – Moseman Law Office, LLC

We trust that these bankruptcy FAQs from our law office in Mentor, Ohio will help you understand more about the bankruptcy process. If you have additional questions about bankruptcy in Mentor or Northeastern Ohio, contact the experts at Moseman Law Office, LLC. We are committed to helping our clients navigate the difficult waters of bankruptcy. From your paperwork to dealing with debt collectors, we will stand in your corner. Contact us today to learn more about how we can help you.

We are a debt relief agency.

We help people file for bankruptcy relief under the Bankruptcy code. The laws governing legal advertising in the state of Ohio require the following statement in any publication of this kind: “THIS IS AN ADVERTISEMENT.” This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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