If you’re considering filing bankruptcy in the state of California then there’s one step to take right away: Contact The Law Offices of Paul Y. Lee at 951-755-1000. We offer a free bankruptcy consultation so you’ll know right away if this is the right option for you. In the meantime, you can read on to discover seven signs that it may be a good idea for you to declare bankruptcy.
- You’re allowed to file bankruptcy
- There’s no reason to think your situation is going to improve soon
- The majority of your debt is unsecured
- You fully understand what you’re getting into
- There isn’t a better option available
- You’re ready for the emotional impact
- Bankruptcy will get you into a better situation
Not everyone is even eligible to file bankruptcy. If you have enough money to pay back your creditors, then you could be ineligible to file Chapter 7 in the first place. The courts would find easily after your filled out the required means test. The short version is that if you make less than the median income for California you should be able to file. If not, it can get more complicated.
Are you about to graduate from college and get a better paying job? Is your spouse on extended medical leave and about to go back to working full time? If your situation is just temporary then you may want to wait it out.
Many people don’t realize that not all debt goes away when you file bankruptcy – it only gets rid of most unsecured debt such as credit cards, collections, medical bills, etc. Debts like student loans, child support, legal bills, tax debt, etc. are usually not dischargeable.
Bankruptcy is not the right choice for everyone. For some, it can give them a fresh start. For others, it causes more negatives than positives. This is why when you contact The Law Offices of Paul Y. Lee for a free consultation we’ll go over your situation to make sure that you fully understand the pros and cons.
Do you have someone you can borrow money from? Would credit counseling help? There are nonprofits out there who may be able to help and many creditors will reduce interest rates if you work with them.
There’s no reason to feel embarrassed about filing for bankruptcy but it does often cause an emotional toil for clients. The initial feeling may be relief but it can lead to shame. We believe that everyone deserves a fresh start but we want to make sure that you’re ready for it.
Not everyone ends up in a better situation after filing for bankruptcy. This is why you want to work with a bankruptcy attorney who understands the ins and outs of your options. When you reach out to The Law Offices of Paul Y. Lee at 951-755-1000, we’ll help you compare the options. Is Chapter 7 or Chapter 13 better? How long will it be until all your debts are fully discharged? We can answer these and other questions.
