San Diego Bankruptcy Attorney

Dispelling Myths About Bankruptcy

Bankruptcy can be a confusing and overwhelming process. Having the experience and knowledge of a skilled bankruptcy attorney on your side can help you effectively navigate bankruptcy and regain control of your finances.

If you are confused about the actual truths about bankruptcy, turn to our lawyers and staff at Chang & Diamond, APC. Our firm, located in San Diego and in other cities throughout Southern California, is focused on representing the needs of individuals in bankruptcy matters. We are highly skilled and extensively educated advocates who pride ourselves on helping our clients deal with their financial situations.

Below are some of the more common myths that are heard about bankruptcy. For more information or for answers to your other questions, contact an attorney at Chang & Diamond, APC, today.

Filing for bankruptcy ruins your credit score.
This myth is not necessarily true. Of course bankruptcy will have an impact on your credit. Most of this impact is negative at first. However, filing for bankruptcy can actually help you begin rebuilding your credit and continue in a positive way.

You will not be able to obtain credit or purchase anything for 10 years after filing for bankruptcy.
This myth is commonly relayed from one person to another. Though a bankruptcy may stay on your credit report for 7 to 10 years, you begin rebuilding your credit through bankruptcy and still may be able to obtain credit and make large purchases.

No one else is filing for bankruptcy.
In California, thousands of people file for bankruptcy protection every year; they just may not talk about it. People are tight-lipped when it comes to discussing finances, but be assured that you are not alone. Most of our country is feeling the tightening and stress of the current economy.

The new bankruptcy laws prevent people from filing for bankruptcy.
Though they may seem more complex, the new bankruptcy laws still allow debtors to file for bankruptcy. You should not let what you have heard about the changes dissuade you from talking to an experienced bankruptcy lawyer about your options.

Filing for bankruptcy causes me to lose all of my assets.
Quite the opposite. In many cases, filing for bankruptcy protects your house, car, retirement accounts and other assets from creditors seeking repayment on loans or other debts.

Do not be fooled by the general notions that circulate about bankruptcy. To get the truth, speak with the personal bankruptcy lawyers at Chang & Diamond, APC. Contact us today to schedule your free initial consultation. We offer Spanish speaking staff members to assist you.