San Diego Bankruptcy Myths Attorney
Skilled Poway Chapter 13 Lawyer
If you are considering Chapter 7 or Chapter 13 bankruptcy, you are not alone. Filing for bankruptcy protection is a middle class phenomenon. The unstable housing market coupled with a rise in unemployment rates has caused more and more Americans to become buried in debt.
At the Law Offices of Mark Ankcorn, we are committing to helping clients regain control of their finances through offering debt relief solutions. Bankruptcy attorney Mark Ankcorn offers a hands-on approach to determine if Chapter 7 or Chapter 13 bankruptcy is the right solution for you. Contact our law firm today to begin repairing your credit.
Exposing Chapter 7 and Chapter 13 Bankruptcy Myths
Many people try taking every step possible to avoid bankruptcy. Unfortunately, your best intentions could cause you to rely on credit card advances, 401(k) loans and other quick-fix solutions to keep creditors off your back. During a free initial consultation, Mr. Ankcorn will address any of your bankruptcy myths, such as:
- Chapter 7 bankruptcy is no longer - an option: False. The bankruptcy laws changed in 2005, making the requirements to qualify for Chapter 7 bankruptcy - stricter. But, this remains a viable solution for credit repairing. Through Chapter 7 bankruptcy, most of your unsecured debts will be discharged.
- Creditors confiscate personal property in bankruptcy proceedings: False. Filing bankruptcy puts an automatic stay on foreclosures and repossessions. From our experience, most people who file Chapter 7 bankruptcy do not have the kinds of personal possessions that a bankruptcy trustee would be interested in selling to pay off creditors. In Chapter 13 bankruptcy, you can keep your personal property through a repayment plan over three-to-five years.
- Bankruptcy is a one-time debt relief option: False. Even if you have already filed Chapter 7 or Chapter 13 bankruptcy, you may still qualify. But, the relief options may slightly vary.
- Bankruptcy destroys credit: False. Statistics show most credit scores go up after people file bankruptcy. Your credit options will be limited, but when you are ready, you can begin rebuilding your credit.
Contact Us for a Free Initial Consultation
Contact our San Diego law office online or call us at 619-870-0600 or 855-755-BANK to schedule a free initial consultation. We will address any of your concerns about the bankruptcy process and how to stop foreclosures. For more background information, reference our firm's bankruptcy information center.
We have been designated by Congress as a debt relief agency, devoted to protecting the rights of American consumers.
