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Is Bankruptcy Right For You?

Is Bankruptcy Right For You?

Considering bankruptcy? Call us now at (888) 363-7901

Just the word ‘bankruptcy’ may be sending shivers down your spine. Society has associated bankruptcy with negative connotations and an idea of “losing it all.” While this is a possibility, it is certainly not always the case, especially when you are working with a lawyer to reduce your debt.

There are benefits to declaring bankruptcy and ways to protect your assets with proper preparation. Retaining an experienced Orange County bankruptcy attorney with knowledge of financial law can help you decide if filing for bankruptcy is right for you. Contact us today for a free consultation.

How Bankruptcy Can Help

If there were no benefits for filing for bankruptcy, no one would ever do it. Even though it can be frightful, and certainly stressful, there are advantages to be had when you file for bankruptcy, including, but not limited to:

  • Automatic stay: When you file for bankruptcy, an immediate and automatic stay is created that strictly prohibits creditors from pursuing your owed debts.
  • Discharge: Under certain circumstances, some or all of your debts may be discharged permanently. You will require a bankruptcy attorney to help ensure that all debts eligible for discharge are considered.
  • Exemption: Usually based on an assessment in the form of a ‘bankruptcy means test,’ certain pieces of your property may be considered exempt from collection or seizure. Homes and automobiles required for day-to-day life to continue are common assets listed under exemption.
  • Credit restoration: If debts are discharged or paid off in a timely manner, many people who filed for bankruptcy actually see an increase in their credit score in the following years, assuming no more financial troubles arise.

Downsides of a Bankruptcy

As with every reward, there is an opposing risk, and filing for bankruptcy is no exception to the rule. If you file for bankruptcy, you may encounter certain disadvantages or losses, such as:

  • Property seizures: Items of a certain value or greater that fail for exemption status may be seized by debt collectors and creditors, including households and family heirlooms.
  • Credit card cancellation: 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, however.
  • Denied refunds: State and federal tax refunds that would have been owed to you may be denied after you file for bankruptcy. In certain circumstances, these denied tax refunds can be partially or fully recollected during a later tax season.
  • Mortgages alterations: There may be alterations to your current mortgages – or you may be denied new mortgage requests – when you are in the process of filing for bankruptcy.

Filing for Bankruptcy is a Huge Financial Decision

Your future welfare can be in the balance as you decide to file for bankruptcy or not. The benefits could be monumental, but the disadvantages are there. Additionally, there could be other ways to resolve your debt that don’t require bankruptcy.

The point is that no one should have to make such an important decision alone, and at 1 st California Law, Inc. our experienced team of bankruptcy lawyers are willing and waiting to help you. Whether you want to file for Chapter 7, Chapter 13, or not to file at all, we can assist you in reaching that decision.

Call (714) 881-7300 to speak to a helpful representative at our Orange County office today and receive a free consultation.


Read Real Reviews

    "Amazing law firm to work with, very knowledgeable, & very kind!"
    Amazing law firm to work with, very knowledgeable, & very kind. They made filing for bankruptcy easy. Kevin is a amazing lawyer, would definitely recommend to friends and family.
    - Evelyn V.
    "Kevin made us feel at ease during a very stressful time in our lives."
    Kevin is the best! He made us feel at ease during a very stressful time in our lives. His upbeat personality and thorough explanations made this whole process effortless. His communication was on point and the cost for his services was absolutely reasonable. If I ever need legal service again in the future, he is my go to guy. Love him!
    - Elizabeth C.
    "Being the light at the end of this scary tunnel!"
    Nobody ever hope to find themselves filing for bankruptcy but when I did, my first call with Kevin put me in such ease that I knew I found the right person to help me.
    - Leslie I.
    "Made the entire process of filing my case approachable & much less stressful than anticipated!"
    Kevin was absolutely fantastic to work with. He made the entire process of filing my case approachable and much less stressful than I anticipated. He was responsive, professional, and direct throughout the entire process, and personally accompanied me at my hearing. I would highly recommend his services.
    - Ashley T.
    "One of the best bankruptcy attorneys to work with!"
    Kevin Kunde was one of the best bankruptcy attorneys to work with. He was kind, informative, courteous and very knowledgeable. I would recommend 1st California Law and Kevin Kunde services to anyone seeking debt relief assistance. Bankruptcy can be a very scary situation and I through out the entire process I felt well guided and taken care of by 1st California Law. Thank you for everything.
    - Melissa L.
    "Awesome attorney"
    I recently filed for my Chapter 7 through Mr. Kevin’s law firm and I could not be happier with his services. All of my concerns and worries were eliminated when Mr. Kevin thoroughly explains the process of bankruptcy filing and court hearing. The actual court hearing is very simple and to the point, just as Mr.Kevin said. In all, i highly recommend Mr.Kevin as an attorney for anyone who is in need of financial debt relief. He is kind, transparent, and dedicated to his profession. I'm glad i have had a chance to work with Kevin.
    - Bruce
    "Great Service"
    It was the best experience ever with Kevin, I consulted several attorneys regarding my bankruptcy before I went to Kevin, and Kevin was very helpful and also the fees is very good. It was so easy to prepare my filling with him and he kept me updated with everything and tell me everything I need to know even if I didn't ask for it. Kevin show up with me in court and he was very helpful in getting over this stressful situation easily and smoothly, highly recommended him and his office if you look for any financial relief advice or help. Thanks Kevin.
    - AA
    "Best lawyer"
    I'm 100% satisfied with his service I highly recommend to anyone!
    - Vivian

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Why Choose 1st California Law Inc?

  • Thorough Communication with Our Clients
  • Passionate Service, Personal Help, Practical Solutions
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