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The Truth About Filing for Bankruptcy in California  There is a lot of information out there regarding bankruptcy and, unfortunately, much of it is untrue. Perhaps the biggest bankruptcy myth is that filing for bankruptcy signifies that you have somehow failed to properly manage your financial resources. Here is the truth: hundreds of thousands of good, responsible individuals file for bankruptcy every year, and it's not because they failed to balance their budgets. It is because of illness or injury, divorce, high interest credit and loans, and the loss of a job. Bankruptcy is a chance to start over, to regain control of your future. In a depressed economy, many people need that second chance to turn their situation around. At the Modesto Law Offices of Mark Girdner, we focus on consumer bankruptcy and on giving clients that second chance. Call experienced Attorney Mark Girdner at 209-568-4019 or contact him online. Common Bankruptcy MythsBankruptcy Myth #1: Your credit will be ruined for life. - Bankruptcy will appear on your credit score for 10 years, but this does not ruin your credit for life. For some, credit scores actually increase shortly after bankruptcy. You must consider the alternative: would your credit be better if you did not file for bankruptcy but were not able to make continuing debt payments? In most cases, the answer is no, and your credit is no better for it.
Bankruptcy Myth #2: You will lose your home and property. - There are exemptions that protect certain classes of property in both Chapter 7 and Chapter 13. In many cases, you will not lose any property, such as household goods and furnishings. Bankruptcy would not be a fresh start were it not so.
Bankruptcy Myth #3: You will go in front of a judge in a courtroom. - This is false. Bankruptcy proceedings are less formal than court. You will go before a trustee in a conference room and the average hearing is 15 minutes.
Bankruptcy Myth #4: You can only file for bankruptcy one time. - If necessary, you can file for Chapter 7 every eight years and Chapter 13 every four years.
Bankruptcy Myth #5: You will lose your retirement accounts. - Under the law, retirement accounts are protected in bankruptcy. You will not lose any of your retirement savings, so do not spend them if you are contemplating bankruptcy.
Arrange a free consultation with an experienced bankruptcy lawyer. Call 209-568-4019 or contact us online.
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