FAQs - Riverside County Bankruptcy
What is Bankruptcy and how can it help my situation?
Bankruptcy is a legal process designed to provide financial relief for individuals who are unable to pay all of their bills and meet their financial obligations. By legally declaring your inability to pay when you file bankruptcy, you may be able to have your debt restructured, or eliminated entirely. Additionally, by filing for bankruptcy, you have a chance to "start over" with a clean financial slate after your debts have been discharged.
I need immediate relief from creditors - can bankruptcy really help?
In most cases, yes! Just by filing bankruptcy, you may be entitled to what is known as an Automatic Stay. This legal protection afforded to those who file bankruptcy halts many types of collection activities, and completely eliminates most of those troublesome collection calls that cause so much stress and frustration. There are a few exceptions to the Automatic Stay, however, so it's important to speak with an attorney who specializes in Riverside County Bankruptcy in order to discuss your particular case.
I've head that filing for Bankruptcy can damage my credit. Is this true?
Generally speaking, if you are filing for bankruptcy, your credit is already damaged due to your inability to pay your bills. Filing for bankruptcy can, in time, actually allow you to improve your credit, by giving you a clean slate and allowing you to move forward financially. In many instances, once your debts are discharged and you are able to demonstrate responsible payment habits, you can improve your credit beyond what it was initially, and it will certainly be an improvement of what your likely credit score was before you filed.
What are my options when it comes to filing for Bankruptcy?
That depends upon your circumstances. The new bankruptcy laws in place define clear limits as to who may and may not file for a Chapter 7 bankruptcy versus a Chapter 13 bankruptcy. You will need to consult with a reputable Riverside County Bankruptcy Attorney in order to fully understand how the laws may apply in your case. However, in general, Chapter 7 bankruptcies are most suited for those who are completely unable to make payment arrangements and who have a higher amount of debt. Chapter 13 is for those who want to be able to make some payments to creditors and who may have a smaller amount of debt overall. Other types of bankruptcies may be suitable if you own a business, a farm, or have special circumstances.
Will I lose my job if I file for Bankruptcy?
No! In fact, it is against the law for employers to fire an individual because he or she filed for bankruptcy.
Will I lose my house or car if I file for Bankruptcy?
Not always. In many instances you can keep your house and your car depending upon the amount of equity you have in either, along with certain exemptions of the law. Again, this is why it is so important to consult with an experienced Riverside County Bankruptcy Lawyer if you are thinking of filing for bankruptcy. Depending upon your situation, our attorneys may be able to suggest a course of action that will allow you to keep your property while still getting the debt relief you need.
Do I need to have an Attorney represent me in my Bankruptcy case?
While it's not legally required, having a reputable Riverside County Bankruptcy Lawyer is a smart move for many reasons. Bankruptcy laws are complex, and even a simple mistake could see your case dismissed along with your chance for the financial relief that you deserve. Take the time to hire an attorney who understands Riverside County Courts, the Bankruptcy Process, and how Bankruptcy Laws will affect you, and you've taken a big step down the road to financial recovery.