You’re scared of bankruptcy, thinking it’s going to send your life flying through an endless downward spiral? You’re prepared to do anything else besides hiring a Chapter 7 bankruptcy attorney in San Diego to help you kickstart your process? Well, you might want to double-check your thoughts and try to analyze whether or not bankruptcy is such a bad thing. Spoiler, it’s not, and exploring the most important facts about bankruptcy will help you see that.
What should I know about bankruptcy?
The first thing you should know about bankruptcy is that it’s not the Bogeyman looming underneath your bed getting ready to eat you, shoes and all. It’s actually a helping hand saving you from the depths of debt. However, besides being aware of the poetic aspect of bankruptcy, it’s also worth exploring what it can do for you.
You don’t lose it all
One of the best things about bankruptcy is that you won’t lose your assets. This is an aspect of bankruptcy most people dread, as they think that filing means they’re losing possession of their property to pay off their debt. However, that’s not true.
Bankruptcy allows different types of exemptions, so you’ll be able to keep your car, clothing, furniture, and home, as well as pensions and life insurance. You won’t be destitute after bankruptcy, but you’ll experience a fresh financial start.
Monthly payments are a godsend
The cost of declaring bankruptcy is that you’ll continue making monthly payments for non-dischargeable debts you’ve accumulated over the years. This is one of the best things about bankruptcy. Not only do you get to keep the majority of your assets, but you’ll also be able to repay the debt you have through manageable monthly payments.
This means that bankruptcy won’t put a strain on your finances after bankruptcy, but rather help you find the delicate balance between repaying your debts and continuing to live your life to the fullest.
Bankruptcy doesn’t affect your spouse and your job
Contrary to popular belief, bankruptcy will neither affect your job nor your spouse. First of all, nobody’s going to notify your employer or your coworkers about your bankruptcy case unless. Also, your own bankruptcy won’t negatively affect your spouse in terms of their credit rating or their own debt.
Your debt will go away
Another essential benefit of filing bankruptcy is that you’ll receive a discharge of the portion of the debt you’ve managed to accumulate over time. Upon going through a credit counseling program and fulfilling the requirements, bankruptcy eliminates all your unsecured debt and gives you a financial boost for the future.
No more creditor actions
You’ll be free from creditor harassment and incessant calls and texts. As soon as you hire an attorney and begin the process of filing bankruptcy, an automatic stay goes into effect, preventing your creditors from getting in touch with you for the duration of your bankruptcy.
Who are the leading Chapter 7 bankruptcy attorneys in San Diego to help me file?
When you’re getting ready to file for bankruptcy after detecting the first signs of financial trouble, it’s important to learn more about as many crucial facts about this process as possible. However, you shouldn’t end the preparation process here and you should also get familiar with all the different types of bankruptcy and choose the one best suited for your situation. Also, remember to explore the options for maintaining your finances after bankruptcy.
Before all that, think about hiring professional bankruptcy lawyers from the most reputable firm in San Diego, Bankruptcy Law Offices of Mark L. Miller. We’ll show you that filing for bankruptcy is the best way for getting out of financial difficulties and ensuring a bright future for you and your family. We’ll carefully guide you through the process and show you all the essential steps. Find our offices near Whaley House and schedule a free consultation today!