Bankruptcy…. it’s time to think about it and talk about it.

Bankruptcy is another one of those hard topics that sometimes can’t be avoided. Times have steadily been improving, so all the media outlets tell us, at least some of the time, but things are still hard for a lot of people and bankruptcy may be the right option, depending on your circumstances.  

Bankruptcy is available to people seeking to get out from under debts that are no longer manageable, for any number of reasons, your own illness or that of someone close to you, loss or reduction of work, loss of partner or spouse, change in standard of living, or other personal problems.  There are many compelling reasons why bankruptcy may make the best sense in a particular time and place.  

There may also be alternatives available to you before you actually have to file for bankruptcy, a debt consolidation plan through a legitimate debt counseling service (beware there are many unscrupulous outfits offering this “service” out there), negotiation to reduced interest rates and more manageable balances, personal loans, sale of valuables to generate cash, and creating a realistic lifestyle budget, are some options to keep in mind.

If you decide that bankruptcy is the way you want to go, or just want to learn more about it as a possibility, consider talking to an experienced bankruptcy lawyer to help you navigate the types of bankruptcies available to you, (Chapter 7, 11, 12 or 13), what exemptions you may be eligible for in California, and also evaluate what debts are actually dischargeable in bankruptcy. Debts like taxes, spousal or child support, student loans, wages you owe people,  damages for personal injury you’ve caused are not usually dischargeable, if ever.  So bankruptcy isn’t always an option depending on the type of debt you are facing.  There are a whole host of issues to talk to an expert about before you make any final decision or commit to a course of action.  Go with a recommendation from solid source—us--the Riverside Bar LRS, we have a panel of  seasoned bankruptcy attorneys for you to consult when you’re ready.   Call us 8:30 a.m. to 4:30 p.m. M-F at (951) 682-7520.