Is Bankruptcy Right For You? Start Your Path to Financial Freedom

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 (888) 363-7901 to speak to a helpful representative at our Orange County office today and receive a free consultation.

Our Top Priority Is you

Check Out Our 5-Star Reviews
  • Kevin is a great attorney he helped us every step of the way.

    “Quick response to any question. Will definitely recommend him.”

    - Cesar C.
  • A man like Mr. Kunde who has a strong character would undoubtedly be a very good attorney. So I'm going to recommend him very highly!!

    “From the bottom of my heart, THANK YOU Mr. Kevin Kunde!”

    - Abhijeet N.
  • They are very affordable, Professional and care about their clients.

    “They were always available to answer my questions and made the whole process go by smoothly.”

    - Former Client
  • Kevin took the time to explain my options and really helped to put me at ease.

    “I would not hesitate to refer any friends and family to Kevin if there was a need.”

    - Former Client
  • These guys are caring and take their job seriously.

    “Thank you guys so much for making this process smooth.”

    - Former Client

Why 1st California law?

Our Promise to You
  • Thorough Communication with Our Clients
  • Passionate Service, Personal Help, Practical Solutions
  • Available 24 Hours a Day, 7 Days a Week
  • Free Initial Consultations

Need Financial Counsel?

Our Firm is Here to Help. 
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.