Welcome to Part 3 of Bankruptcy 101!
Los Angeles Bankruptcy Attorney Natella Royzman discusses how bankruptcy can bring fresh new opportunities to those seeking relief, and dispels common misconceptions surrounding bankruptcy.
[In Part 1 of Bankruptcy 101, Ms. Royzman shares how to discharge your debt through different bankruptcy chapters.]
[In Part 2 of Bankruptcy 101, Ms. Royzman explains how bankruptcy is a powerful legal solution to your debt problems.]
Click below to listen to Part 3 of Bankruptcy 101 in which Ms. Royzman explains what life after filing for bankruptcy can bring.
Numerous myths are out there about bankruptcy, and unfortunately those giving bad advice to people who really need assistance. People assume they aren’t eligible for bankruptcy since the new law passed and made it harder to qualify.
The truth is that most people suffering from overwhelming debt can be eligible, and with the right representation, bankruptcy can be a quick and simple process.
Keeping Your Property by Properly Using California Bankruptcy Exemptions
People considering bankruptcy often worry that they will have to give up some or all of their property. However, with careful legal analysis and creative, strategic planning, you can keep your house, car, wages, and other assets.
So what’s the trick?
California Bankruptcy Exemptions. Each state has different exemption laws, and using exemptions to your advantage requires a thorough analysis of your assets by an experienced bankruptcy attorney. It is always heartbreaking to hear about people who did not get the help of a qualified attorney for their bankruptcy case and made a mistake that cost them thousands of dollars, their family jewelry, or even their home.
With a skilled attorney advising you, there will never be any surprises. If you have any risk of losing any of your assets, a good bankruptcy attorney should tell you about them before you file so that you can decide if filing is a good option for you. Exemptions are a very complicated and technical area, so have a knowledgeable attorney evaluate your situation, determine what may not be exempt, and apply your exemptions strategically for your optimal benefit.
Life after Your Bankruptcy Discharge
People are usually very surprised when their credit score significantly improves after bankruptcy (often by 100 or more points right after they get their discharge). They are also surprised when they immediately start receiving many offers for credit. Although people often think of bankruptcy as financial suicide, it is quite the opposite.
When your debts are discharged, they are removed from your credit report (or listed as a 0 balance). Also, because you cannot file another bankruptcy for 8 years, you are a better credit risk than someone who hasn’t filed and can therefore discharge his/her debt at any time.
Our clients explain their feelings after filing as an enormous burden being lifted off their backs. Imagine sleeping peacefully at night. Imagine rebuilding credit and being able to make major purchases again. The sooner you get the right help to solve your debt issues, the sooner you can stop worrying and improve the quality of your life.
Take control of your finances by contacting us today
Located in Los Angeles, Royzman Law Firm provides a wide range of services for individuals, entrepreneurs and small-to-midsize businesses dealing with the weight of excessive debt. Call Royzman Law Firm at 310.954.8503 or contact us online to schedule a free consultation.
Please note that the materials appearing on this blog are provided for informational use only, and are in no way intended to constitute legal advice or the opinions of this law firm or any of its attorneys. The law is constantly changing, and the materials appearing on this blog are not guaranteed to be correct, complete, or up-to-date. You should not act or rely upon any information appearing on this blog without consulting a qualified attorney for individual advice regarding your own unique situation. Transmission of information through this blog or this website does not create any attorney-client relationship between you and Royzman Law Firm, Inc. or Natella Royzman, Esq.