Experienced Temecula Bankruptcy Attorneys
Is bankruptcy the right solution? Nearly everyone who has ever filed for bankruptcy has started that process by asking this single question, in some form or another. For the accurate information you need to answer this question, call or contact the Murrieta, Temecula, California, law firm of Kodam & Associates, P.C.
Led by founding partner Daniel Kodam, our law firm helps people make the best legal decisions for themselves by dispelling many of the myths and misinformation that continue to circulate about bankruptcy.
Some of the most commonly held mistaken ideas include:
Bankruptcy myth #1: You'll lose your home.
- The truth: Although California has been hit hard with declining property values and increasing numbers of foreclosures — many people with financial problems have been able to keep their homes through the bankruptcy process.
Bankruptcy myth #2: You'll lose everything you own.
- The truth: California's property exemption limits mean that you won't lose everything. In fact, most people who file bankruptcy don't lose any of their personal possessions.
Bankruptcy myth #3: You won't qualify under the new bankruptcy laws.
- The truth: Most California residents who would have qualified for bankruptcy before the new laws took effect in October 2005 would still qualify today.
Bankruptcy myth #4: You can get rid of second mortgages in a Chapter 7.
- The truth: You can eliminate "unsecured second mortgages" (meaning that the value of the house is now less than the amount of the first mortgage) and keep your home, but only through the Chapter 13 bankruptcy process.
Bankruptcy myth #5: You will never be able to get good credit terms again.
- The truth: The debt relief that bankruptcy provides does come at a price, but that price does not include a permanent loss of your ability to get decent credit. With a plan and careful financial management, you should be able to regain your ability to obtain credit at some point after your bankruptcy is complete.
Visit our Bankruptcy Information Center for a broader overview of this topic.
Offices in Murrieta, California serving the Temecula Valley
Free Consultations ∙ Flexible Scheduling
For more detailed explanations or information about other California bankruptcy myths, call us at 951-795-4679 or 866-781-9042 (toll free) to schedule a free in-person or telephone consultation with an experienced bankruptcy lawyer, or send us a brief e-mail message.
We regret that we are unable to accept credit cards as payment for legal services relating to bankruptcy proceedings.
