At Boyd Contreras LLP, our Orange County & San Diego bankruptcy attorneys know that many people have questions about bankruptcy. Not knowing the correct answers to these questions is a major reason that so many people suffer unnecessarily under overwhelming debt for so long. Having a better understanding of what bankruptcy can do for you is a first step toward enjoying the relief that it can provide. Accordingly, here are some of the more common misconceptions, bankruptcy myths and questions regarding bankruptcy with accompanying explanations.
1. Changes in the Bankruptcy Code have made it nearly impossible to qualify.
Not true. With skilled guidance, you are still likely to qualify. We will look at Chapter 7 bankruptcy and Chapter 13 bankruptcy to see which type of relief is available and most appropriate to your individual situation. If you are having financial difficulties, it is most likely possible that you will qualify for bankruptcy.
2. I will lose everything if I file for bankruptcy.
Not true. Between the exemptions that are part of the Bankruptcy Code, most individuals who file for bankruptcy are able to keep what is theirs.
3. I will not be able to receive credit for 10 years after filing for bankruptcy.
Not true. You can begin rebuilding your credit almost immediately after you have been discharged. There are options that will help. For example, making timely payments on debt, getting a secured credit card and/or continuing to make payments on a vehicle you decided to keep and reaffirm during the bankruptcy can start rebuilding your credit.
4. If I file for bankruptcy, I will not be able to rent a home or apartment.
Not true. Most landlords understand that having a bankruptcy on your record means that you will not be able to file again for years to come and are willing to rent to those who have filed for bankruptcy. Moreover, during these times, many people have lost a home or a job which has lead them to file for bankruptcy, if they were unable to rent, we would have a tremendous amount of people with nowhere to go. However, this is not the case.
5. It is irresponsible to file for bankruptcy.
Not true. The financial difficulties that cause most people to file for bankruptcy are often beyond their control, including divorce, illness, losing a home and losing a job. Given the fact that bankruptcy helps individuals and families get out from under debt and get on the road to becoming financially productive members of society, filing for bankruptcy can be the responsible thing to do.
6. My spouse and I have to file bankruptcy together.
Not true. Spouses may file together or individually. It is an individual choice. We will analyze your situation and recommend the best course of action for you and your spouse.
7. I make too much money to file for bankruptcy.
While there is a means test in place for Chapter 7 bankruptcy, Chapter 13 is an alternative if your household income causes you to fail the means test.
Contact Our San Diego Bankruptcy Lawyers at Boyd Contreras LLP
Our attorneys help clients through out Southern California including these cities and counties:
- San Diego County
- Chula Vista
- El Cajon
- La Mesa
- La Jolla
- Orange County
- Irvine
- Santa Ana
- Newport Beach
- Laguna Beach
- And More
If you are facing the challenge of overwhelming debt, you need not face it alone. Our bankruptcy lawyers can help you fully understand the process and bypass the bankruptcy myths out there. We will dedicate ourselves to understanding and achieving your goals. That is our promise. For a free initial consultation with one of our lawyers, call 619-378-4033 to reach our San Diego or Irvine office or simply contact us online.
Pursuant to 11 U.S.C. section 528(a)(4) of the bankruptcy code, we are required to state: we are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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