Common Bankruptcy Myths
#1 in Bankruptcy Filings in Ventura County
Many people have inaccurate information about bankruptcy. Common myths about bankruptcy include:
- Filing for bankruptcy will ruin your credit forever
- If you file for bankruptcy, you will have to sell your property
- Bankruptcy does not eliminate unpaid taxes
- You will never be able to get credit for a car or mortgage
- You will still be harassed by creditors after filing for bankruptcy
When a person files for bankruptcy, their credit is likely already damaged. Bankruptcy will give you a fresh start, and enable you to rebuild your credit over time. You can start the credit repair process as soon as your bankruptcy petition has been approved by taking steps such as paying any remaining financial commitments on time, and acquiring a secured credit card.
A person does not have to sell their property when filing for bankruptcy. Although
Chapter 7 bankruptcy involves the liquidation of assets to pay creditors, most all assets will be exempt.
Ventura bankruptcy attorney Michael Grennier, from Grennier Law can review your finances and discuss the laws pertaining to asset exemption so you understand what property he will be able to protect.
Bankruptcy can cover unpaid income taxes that are more than three years old depending on the situation. If you have unpaid income taxes, attorney Michael Grennier can explain the criteria for their discharge. He can also protect you from creditor harassment before and after filing for bankruptcy. After filing, creditors must adhere to strict legal guidelines regarding the collection of a debt. If the laws pertaining to debt collection are violated, immediate action can be taken to stop the abuse. Once your bankruptcy petition has been filed, an automatic stay will be issued by the court that prohibits the creditor from contacting you. An automatic stay will also stop nearly all wage garnishments, repossessions and
foreclosures.
The Advantages of Bankruptcy
Bankruptcy has many benefits and can help you build a better financial future. Attorney Michael Grennier will review all of your options and discuss how best to remedy your debt situation. If bankruptcy is right for you, we will make sure you understand all aspects of the process and what to expect after your petition has been submitted to the court.
Contact Ventura bankruptcy lawyer,
Michael Grennier, for seasoned legal advice regarding bankruptcy and how to resolve your debt problems. Call today to schedule a FREE consultation at (888) 504-1797.