The Truth About Bankruptcy
Many people do not understand bankruptcy. For an individual, it is not complicated or costly. It is a legal process that enables a person to get out from under an unbearable debt burden and take control of their finances. These are some of the biggest myths about bankruptcy:
Myth #1 – Because the bankruptcy laws have changed, filing for bankruptcy is no longer an option.
Not true. Bankruptcy is still available for most people. While the laws have changed, complete debt relief under Chapter 7 is still possible for many people. If you don’t qualify for Chapter 7, you may still be able to reduce or remove your debts under Chapter 13.
Myth #2 – If I file for bankruptcy, I will lose everything I have.
Not true. In most cases, you can keep your house, your car, and most or all of your personal possessions. Filing bankruptcy can protect those assets while reducing or removing your debts from your shoulders. Crumley & Wolfe can help you keep your home or car.
Myth #3 – After I file for bankruptcy, I will never be able to get credit again.
Not true. You can get credit. In fact, filing bankruptcy is the first step toward rebuilding your credit rating. In as little as 20 months from the time your debts are discharged, your credit rating can improve.
Myth #4 – Bankruptcy is an expensive and complicated process.
Not true. Crumley & Wolfe makes filing bankruptcy easy. For a simple and convenient flat fee, we can file all necessary papers, and immediately stop foreclosure, repossession, and creditor harassment. Our attorneys will take care of everything and keep you informed throughout the process. In less than an hour, Crumley & Wolfe can gather the information we need to help you take control of your financial future.
Myth #5 – I have huge unpaid tax bills and I’ll never get out from underneath them.
Not true. Tax debt relief is possible with bankruptcy. In many cases, Crumley & Wolfe can negotiate with the IRS and California Franchise Tax Board to reduce the taxes you owe, and obtain an extended payment plan on the remainder. This can greatly reduce the taxes you owe, and give you the breathing room you need to make a financial recovery.
Myth #6 – Filing for bankruptcy puts you at the mercy of creditors.
Not true. Bankruptcy can actually increase your options by reducing or eliminating unsecured debts and allowing you to take control and begin making orderly payments on your remaining debt. In some cases, you can actually choose which debts are discharged.