3 Secrets About Bankruptcy

When we talk about bankruptcy filings, most people tend to fear this idea, because many people would believe in its fallacies. Actually, there’s a lot that still don’t know the truth and reality about  bankruptcy.

Here are three surprising secrets to help you understand and be kept informed of bankruptcy:

  1. Most or all of your properties can still be maintained.-It is a common misunderstanding that when you file for bankruptcy you can’t keep your car, your home or any of your properties. It is true, however, that some of your properties need to be abandoned, but it is not true that people lose all their property due to bankruptcy. Because of the provisions of the Oregon Revised Statutes, you are still able to keep much of your property. You can still use your own personal property up to certain limitations and have a bank account on the date your bankruptcy is filed. You can acquire anything you want if your case is filed and none is allowed to interfere with it.
  2. After bankruptcy you may still be able to get credit. – If you file for bankruptcy, you will be able to start fresh. However, we look forward to not returning to the debt after filing bankruptcy, and should always be vigilant once you have a new credit history. Some people believe that after bankruptcy, they can never purchase a credit card. The truth, however, is that you can still acquire credit relatively after you have filed for bankruptcy. You can still have secured credit cards to enhance your credit score. You should always be careful upon your new start and create some achievable saving plans before all credit card offers are accepted. Whenever you have a saving plan and start building your “cash coil,” it’s the perfect time to think about a new credit.
  3. To make bankruptcy files, there is no minimum amount of debt. – Bankruptcy is created for people who can not pay their debts, not for people who can not pay fixed or certain amounts. This doesn’t necessarily mean you have to file large amounts of debt or revenue. Each of us can handle our debts in a way that is different than the other. For example, a $10,000 debt is still manageable for a single person, but it can be too much to face for some with debts of $10,000. No law dictates anywhere that money is needed for bankruptcy. There’s no legislation. Bankruptcy laws are established to resolve debts and there is no minimum amount of debt in order to file for bankruptcy.

Many people tend to believe in bankruptcy misunderstandings, which is why they hesitate to file for bankruptcy. They don’t know that when you file for bankruptcy there are many surprising secrets.

If you’re ready to take the next step, do not hesitate, because when you submit bankruptcy, you will feel great, because it can really help break all your debt issues. You might want to consider file for bankruptcy to have all the liabilities legally waived, if you had difficulty in paying your debts.

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