Bankruptcy Means A Fresh Financial Start
For many people, the word bankruptcy evokes a sense of failure and shame. If you have ever played the game Monopoly, declaring bankruptcy means game over. So many of my clients at Tindage Law come to me after doing all that they possibly can to avoid it because they think their life will end, but the reality is that bankruptcy is often the beginning of a new life. I am Rocky Tindage, and I help clients realize that the benefits and advantages of bankruptcy usually outweighing the negative impacts of bankruptcy.
What Is Bankruptcy?
When attorneys refer to the process of “filing for bankruptcy,” or even just “bankruptcy,” what we really mean is “filing for bankruptcy protection.” That’s the key right there: protection. Bankruptcy is protection for you, your family and your property from creditors, as well as from many of the other consequences that go along with debt. This idea of protecting people from creditors was so important that our founding fathers incorporated it right into the U.S. Constitution.
The law allows for several different forms of bankruptcy. In order to file for bankruptcy, you first must decide on which type to file. I will help you determine which one fits your situation the best. The process requires several steps, depending on what type of bankruptcy you file. For example, the steps for a basic Chapter 7 bankruptcy include:
- Meeting with a credit counselor – You will need to show that you completed this step before filing for bankruptcy.
- Filing your petition – I will help you gather all the necessary documents and information needed to file with the bankruptcy court.
- A bankruptcy trustee reviews your case – The bankruptcy court appoints this person to oversee the process and review your debts and assets.
- Meeting with the creditors – Having to meet with your creditors may sound scary, but it is not. I will be with you at the meeting, and many creditors choose not to come. The trustee asks you questions to confirm the information in your petition.
- Making a decision about secured loans – If you have assets with a secured loan, such as a mortgage or a car loan, you may be able to keep those assets if you can show you will be able to pay those loans after bankruptcy.
- Surrendering your property – If you have any valuables that are not secured, the trustee may require you to sell them.
- Discharge – In the final step, the court discharges, or wipes away, your unsecured debt. In other types of bankruptcy, these debts are restructured in a way that you can still repay them.
Although bankruptcy may seem frightening at first, many of my clients find it a relief and look forward to their fresh start.
Find Out If Bankruptcy Is Right For You
Each person’s situation is different, and bankruptcy may not be right for everyone. That is why it is important to speak with a competent attorney to see if it’s right for you and your family. Call my San Bernardino office today at 909-789-0724 or fill out my online contact form to schedule an appointment.
Tindage Law is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.