Why Is Bankruptcy A Good Choice To Eliminate Your Debts?
Bankruptcy Advantages Bankruptcy is a good choice to eliminate your debts when you cannot afford to pay your debts off because it’s like hitting the reset button and starting over financially. After filing for bankruptcy, all your credit history will restart, and if you have a vehicle or home loan that you keep through the bankruptcy, it will help you recover from your debt faster. The Court often refers to it as a “fresh start”.
How Do You Qualify To File Bankruptcy?
There are several factors that determine whether you qualify for bankruptcy. One of these factors is your monthly income in proportion to your family size. Congress has designed a means test to determine whether an individual is qualified for a Chapter 7 bankruptcy. The court will examine your income, your housing costs, family size, and overall secured debt. If you do not qualify for a Chapter 7 bankruptcy, you may still qualify for a Chapter 13, as long as you don’t exceed the debt limits. Another way to qualify for bankruptcy is if your debts are non-consumer debts, such as student loans, income taxes, excise taxes, business debt, and more non-consumer debts, if the non-consumer debts exceed the consumer debts, then no means test is required.
Will Filing For Bankruptcy Eventually Improve My Credit Score?
Almost every client we have filed bankruptcy for has improved their credit score after filing for bankruptcy. If you can’t get a loan because you have too much credit card debt, filing bankruptcy will clear that data and will assist you in getting a loan in the future. Filing bankruptcy will clear your credit record and eliminate your debt. This will eventually boost your credit score, as it is heavily determined by a debt to income ratio.
If I Can’t Make Credit Card Payments Or Pay Bills, Should I File Bankruptcy?
If you are struggling to pay your credit card payments, or can’t afford to pay anything over the minimum payments, your debt will likely continue to rise, and filing for bankruptcy may be a good choice. If you look on the first page of your credit card bills, they state how many years it will take to pay off the credit card while making the minimum payment. Often this will let you know if bankruptcy is a good option for your situation.
I Feel Guilty And Ashamed At The Thought Of Bankruptcy. Will Everyone Know If I File for Bankruptcy?
There’s no need to feel guilty or ashamed when filing for bankruptcy. Many famous people such as Walt Disney have filed for bankruptcy. President Trump’s companies have filed for bankruptcy several times. Many creditors look at it as taking responsibility for your debts as opposed to just allowing all debts to default. In California, although bankruptcies are public record, they are not published in newspapers or other more easily-accessible media. Filing bankruptcy and becoming financially sound and productive is far better than suffering with out of control debt and not facing your situation.
For more information on Eliminating Your Debts In California, an initial consultation with an experienced California Bankruptcy Attorney is your next best step. Get the information and legal answers you are seeking by calling (916) 685-7878 today.
★★★★★
Outstanding! I did a thorough search looking for a good, honest attorney that I could trust, looking at many reviews. I found Peter and made an appointment with him. The best decision and best attorney I’ve done business with in my entire life.
- James M.
★★★★★
Mr. Cianchetta is an OUTSTANDING attorney. I was a little nervous about seeing an attorney for my case. Mr. Cianchetta and his staff made my wife and I feel right at ease. He took extra time explaining what to expect before, during and after our process. His advice was right on!
- Jack M.
★★★★★
Great Lawyer in Elk Grove. He helped me with a bankruptcy a few years ago and is still very helpful in answering any questions I have about it. I have also spoken with him regarding family law and estate issues. He’s very patient and is willing to take the time needed to explain everything to me so I can understand it. He’s also very quick to respond. I have already recommended him to many of my friends and family.
- Kathleen
★★★★★
During a rough time in my life, Peter was there to comfort me and make sure everything will turn out ok. Peter took great care of all my needs and handled every matter with professional care. I would highly recommend Peter because he CARES. You're not a turn-and-burn case. Peter has followed up with me to make sure things are going smoothly and on the right track. If you want a fresh start with an honest, upfront, caring team… Peter Cianchetta should be and will be your only call. Thanks Peter for all your help getting me a fresh start.
- Dante M.
★★★★★
Peter Cianchetta is the best attorney in town! He assisted me all the way through my bankruptcy. He never let me feel as if I was bothering him with my hundred questions. He was very informative and made me feel very comfortable throughout my whole case. I would definitely recommend him to anyone who is in need of a good lawyer that knows what he’s doing and gets the job done!
- Angela
★★★★★
Outstanding! I did a thorough search looking for a good, honest attorney that I could trust, looking at many reviews. I found Peter and made an appointment with him. The best decision and best attorney I’ve done business with in my entire life.
- James M.
★★★★★
Mr. Cianchetta is an OUTSTANDING attorney. I was a little nervous about seeing an attorney for my case. Mr. Cianchetta and his staff made my wife and I feel right at ease. He took extra time explaining what to expect before, during and after our process. His advice was right on!
- Jack M.
★★★★★
Great Lawyer in Elk Grove. He helped me with a bankruptcy a few years ago and is still very helpful in answering any questions I have about it. I have also spoken with him regarding family law and estate issues. He’s very patient and is willing to take the time needed to explain everything to me so I can understand it. He’s also very quick to respond. I have already recommended him to many of my friends and family.
- Kathleen
★★★★★
During a rough time in my life, Peter was there to comfort me and make sure everything will turn out ok. Peter took great care of all my needs and handled every matter with professional care. I would highly recommend Peter because he CARES. You're not a turn-and-burn case. Peter has followed up with me to make sure things are going smoothly and on the right track. If you want a fresh start with an honest, upfront, caring team… Peter Cianchetta should be and will be your only call. Thanks Peter for all your help getting me a fresh start.
- Dante M.
★★★★★
Peter Cianchetta is the best attorney in town! He assisted me all the way through my bankruptcy. He never let me feel as if I was bothering him with my hundred questions. He was very informative and made me feel very comfortable throughout my whole case. I would definitely recommend him to anyone who is in need of a good lawyer that knows what he’s doing and gets the job done!
- Angela
★★★★★
Outstanding! I did a thorough search looking for a good, honest attorney that I could trust, looking at many reviews. I found Peter and made an appointment with him. The best decision and best attorney I’ve done business with in my entire life.