California Attorneys Helping You Find a Fresh Start
Most people who are considering bankruptcy have never been through it before. Without firsthand knowledge, you might be wondering whether there is life after bankruptcy, whether you will be able to get credit again and whether you will be able to retain your privacy.
Contact Sobti Law Group. We can help you find the answers you need. We are a law firm dedicated to helping our clients find the debt-relief they need through bankruptcy and other options. We can help you understand what your life will look like after you go through the Chapter 7 bankruptcy process or the Chapter 13 bankruptcy process, how you can rebuild your credit and protect your retirement assets. We serve clients in Orange, San Bernardino, Palm Springs, Corona and Beaumont, California.
The Aftermath of Bankruptcy
Contrary to many popular notions, life after bankruptcy is not that different for those who have filed. Many of the frequently asked bankruptcy questions include issues like:
- Privacy — Will everyone know that I am bankrupt? Bankruptcy is a matter of public record, but the vast majority of people with whom you interact will never access the information, and there is a charge to access it, so by and large, you will not have to worry about everyone knowing.
- Rebuilding credit — Will I be unable to get credit cards or credit for a home loan? Although bankruptcy will have a negative effect on your credit initially, in the long run it will help you rebuild your credit score, and you will be able to get credit again. Imagine that all of the negative items reporting on your credit bureau were wiped away and the debt showed as no longer owed. This is essentially what bankruptcy does and how it can actually improve your credit score. Let's face it, if you are not paying on your bills your credit score is likely as low as it can possibly be. By discharging your debt through bankruptcy you will once again become a "good risk" to creditors who know you cannot file again for another 8 years. Also, under current FHA home buying guidelines, you must wait 3 years after filing for bankruptcy to qualify. This is the time you can spend rebuilding your credit after the bankruptcy discharges all of the unsecured debt owed.
- Retirement assets — Will I lose my IRA, 401(k) or other retirement benefits because of bankruptcy? Most of these retirement plans are exempt from bankruptcy proceedings. By contacting an experienced bankruptcy attorney, you can ensure you are not at risk of losing your hard earned retirement fund.
For the most part, there is good news in Chapter 7 and Chapter 13 bankruptcy. You can find a way to discharge or reorganize your debts, without too many people knowing about it and without losing your retirement accounts, while gaining the opportunity to begin rebuilding your credit for the future. There is life after bankruptcy!
Contact Our California Bankruptcy Attorneys
We offer a free initial consultation for Californians considering bankruptcy. Talk with one of our experienced lawyers and get the answers you need. We want you to be able to make an intelligent, informed decision about whether or not to file for bankruptcy. Contact us.
