.jpg "i-default")
Filing for Bankruptcy in California
Helping You Understand Why You Should File for Bankruptcy
In the midst of an uncertain economy with unemployment rates climbing more people than ever before are being forced to make difficult financial decisions. Unfortunately, many people delay and wait too long before considering bankruptcy as a viable option. Our lawyers at Attorney Debt Reset can help you understand your rights and options. Contact us to discuss your bankruptcy needs.
Bankruptcy is a right afforded to consumers by the U.S. Constitution. It serves an integral role in the Capitalist system Americans believe in. Contrary to popular belief, the inability to pay your debts is not criminal: you can not be put in jail or charged with a crime for being unable to make house/car/boat/credit card payments. Another popular myth is that you will never be able to get another loan. While it is true your credit score is affected by a bankruptcy filing, in many cases people see rapid and in some cases instant improvement. Often times people can purchase a home just two years after filing bankruptcy!
There are chapters within the Bankruptcy Code that provide for consumers, farmers, businessmen and even fishermen. The most significant chapters for consumers, however are 7 and 13. Both chapters provide for discharge of your debts, Chapter 13, however, requires repayment of some of your debt. Discharge of your debt mean that your liability on the debt is extinguished; you no longer owe the money. Additionally, a discharge allows you to opt out of secured loan agreements (houses and cars for example). Although it’s a tough decision to make, walking away from home or vehicle you have no equity in can sometimes be the most prudent financial decision for you and your family. Conversely, and in many instances, you may also keep homes and cars through bankruptcy if you want or need to.
There are many financial situations where bankruptcy should be seriously considered. Bad investments, fraud, loss of employment, wage reduction, unforeseen circumstances are but a fraction of the scenarios the attorneys at Attorney Debt Reset deal with on a daily basis. However, each client presents a unique set of circumstances where the pros and cons of bankruptcy should be carefully analyzed by a professional and experienced attorney. (Attorney Debt Reset offers free attorney consultations for just such a consideration).
Below is a list of common situations/scenarios Attorney Debt Reset has identified in individuals that can benefit from filing bankruptcy, however the only way to be sure bankruptcy is right for you is to meet with an experienced attorney.
- Late on first or second mortgage payments.
- Unable to pay credit card bills or only able to make minimum payments.
- Using balance transfers to pay credit cards.
- Forced to use credit to make it to the next paycheck.
- Having to reach into your retirement savings.
- Unable to pay taxes.
- Feeling overwhelmed by your debts.
- Debt collectors calling incessantly.
- Afraid to answer phone numbers you don’t recognize.
- Not opening bills/statements.
If you are experiencing any of these common signs, you should contact us at Attorney Debt Reset today and make a step toward a less stressful debt free financial lifestyle. It may be important to act now as bankruptcy laws may be changing soon!