BANKRUPTCY IN CALIFORNIA MISCONCEPTIONS YOU NEED TO KNOW
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MISCONCEPTION
It is simply not true
Unless you own anything lavish that may be sold to cover the cost of your debts
In majority of bankruptcy cases, you are able to keep your assets and even reaffirm things
Your credit options may be limited compared to before you filed
You will be able to get minor credit lines
to rebuild your credit score after bankruptcy
MISCONCEPTION
You do not need to be concerned about losing your business
You can reaffirm loans while maintaining your business
You are not losing your business if you
file for bankruptcy, but you may need to restructure after you file
Married couples have the option of filing jointly or separately
You don't have to involve your spouse if
you file on your own
If you both have joint debts, it is often
best that you file together to get out of the debt
MISCONCEPTION
You can file for bankruptcy more than
once, but there are distinct time frames that apply to each case
A misconception is that once a
bankruptcy starts, it cannot stop. But it is wrong
You can end it any time, even after it has started and is on the way to completion
MISCONCEPTION
Bankruptcy laws do not require debtors to have a certain amount of debt to petition for bankruptcy
You can file for any amount of debt, but it is not exactly a great idea to file for small dues
If you are submitting a case on your own, it might be stressful. Having an
attorney on your side can make things a
lot easier
Many individuals with financial problems may consider filing for bankruptcy, but many are hesitant due to several misconceptions about the process.
You can evaluate the potential benefits of bankruptcy by clearing them.
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