“One of our top rated Upland bankruptcy lawyers will explain all of the benefits of filing for bankruptcy and put your mind at ease if you are concerned about losing your home, car or other property.”<\/em><\/p><\/blockquote>\nWhat are the benefits of filing for bankruptcy?<\/h3>\n
There are many benefits to filing for bankruptcy if your financial circumstances are beyond what you can handle. There is no need to lose sleep over your debt any longer when the bankruptcy law is there to protect people like you. Some of those benefits include:<\/p>\n
\n- Automatic stay: <\/strong>When you file for bankruptcy, an immediate and automatic stay is created that strictly prohibits creditors from pursuing any collection activities against you. The automatic stay also stops most lawsuits, foreclosures, repossessions, harassing calls and letters and liens, garnishments and levies. The automatic stay remains in place until your bankruptcy case is over unless the court orders it lifted prior to discharge of your debt.<\/li>\n<\/ul>\n
\n- Discharge:<\/strong>\u00a0 Most bankruptcy petitioners have unsecured debt like credit cards, medical bills and other debts that are not secured by a physical asset. Typically unsecured debt including any deficiency you may owe for a repossession, most judgments and even certain taxes will be fully or partially forgiven or discharged<\/strong><\/em>\u00a0during bankruptcy. All eligible debts that are discharged during a bankruptcy are permanently wiped out for the bankruptcy petitioner.<\/li>\n<\/ul>\n
\n- Exemptions:<\/strong>\u00a0Some people fear filing for bankruptcy because they don’t want to lose their car or house or other personal property. What those people may not know is that the bankruptcy law provides very generous exemptions which allow most bankruptcy petitioners to retain all of their property.<\/strong>\u00a0An experienced bankruptcy attorney can explain how exemptions work and why you probably do not need to worry about losing any property in a bankruptcy filing.<\/li>\n<\/ul>\n
\n- Credit restoration:<\/strong>\u00a0People considering bankruptcy often say that they are worried about how a bankruptcy will affect their credit score. But, the reality is that if are worried about your debts, struggling to pay your bills each month or if you have been receiving late notices from your creditors, you credit is already shot. The longer that this pattern of late pays, charge-offs and collection actions continue, the longer it will take for your credit to recover once your financial circumstances improve. \u00a0The fact is that a bankruptcy can give you a “fresh start”<\/strong><\/em>\u00a0that allows you to rebuild your credit. You may even find that a bankruptcy improves your credit score and you may even start receiving “pre-approved” credit card applications and auto loans before your bankruptcy is discharged. Of course you will want to make sure to use all credit responsibly.<\/li>\n<\/ul>\n
What should I be concerned about when\u00a0filing for bankruptcy?<\/h3>\n
In life, a benefit often comes with some risk. Experienced Upland bankruptcy lawyers<\/strong> will be able to minimize any risks that may be present during your bankruptcy. You should of course discuss the risks of filing bankruptcy with your bankruptcy attorney before you file a bankruptcy petition, weighing the pros and cons before doing so. Here are a few obstacles that may present themselves in some cases:<\/p>\n\n- Property seizures: <\/strong>Property that exceeds a certain value or\u00a0that fails to qualify as exempt may be seized by debt collectors and creditors, including households and family heirlooms. Qualified bankruptcy lawyers know how to minimize or avoid such seizures and they will advise you of this risk if it is a concern.<\/li>\n<\/ul>\n
\n- Credit card cancellation:<\/strong> It is very likely that your credit cards will be automatically cancelled when you file for bankruptcy. This is not necessarily detrimental to your credit score, because the balance associated with that card is also forgiven which will improve your debt to income ratio.<\/li>\n<\/ul>\n
\n- Tax refunds:<\/strong> State and federal tax refunds that would have been owed to you may be taken by the bankruptcy trustee<\/strong><\/em>\u00a0or denied during your bankruptcy. Typically these refunds are used to pay creditors or court related fees. Having your tax returned seized may be avoidable based on the timing of your case and other circumstances that your bankruptcy lawyer will discuss with you during your free consultation.<\/strong><\/li>\n<\/ul>\n
\n- Mortgages alterations:<\/strong>\u00a0Bankruptcy may cause certain alterations in your mortgage or cause you to be denied a new mortgage during your bankruptcy. Most alterations are minor and most people can secure a new mortgage after the bankruptcy is discharged.<\/li>\n<\/ul>\n
Filing for Bankruptcy Should Not Be Taken Lightly<\/h3>\n
Bankruptcy can be full of pitfalls and, without the right legal help from experienced Upland bankruptcy lawyers<\/strong>, you will likely find this out. If you have a toothache, you wouldn’t try to give yourself a root canal would you? If a dental hygienist told you that “dentists are too expensive” and that they could do it for much less, would you let the hygienists drill your tooth out? Of course not. The financial pain that you can cause yourself by preparing your own bankruptcy, using a cheap online service or unlicensed paralegal can be much worse and last much longer than it is worth. Qualified bankruptcy lawyers will make sure that your bankruptcy is prepared correctly and that your rights are protected. You may also find that hiring experienced bankruptcy lawyers costs much less than you think and costs even less than the problems you create for yourself by doing it yourself or using a cut rate service.<\/p>\nFiling Bankruptcy On Your Own<\/h3>\n
You may be considering filing bankruptcy without an attorney. You may think that it is too expensive. You may think that it isn’t that hard. You may be considering hiring a paralegal or other bankruptcy preparer to prepare the paperwork. Before you try to go it alone, watch this video.<\/p>\n
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