Our friendly, thorough and trusted professionals listen to you
With over 30 years of collective legal experience, we know first-hand that many people fail to proactively address their serious financial situations due to myths and misconceptions associated with bankruptcy. When people choose to believe these myths, it prevents them from taking advantage of legal ways in which they can wipe their financial slate clean and get a fresh start. While bankruptcy is certainly not right for everyone, it can make a difference for many people struggling to manage their debt. At Hemb Law Group, our Fresno bankruptcy law firm has developed the following list of common myths about bankruptcy to help you determine whether it is right for you.
- If I file for bankruptcy, I will lose all of my property.
False. There are many ways for individuals to keep their property when filing for bankruptcy. Importantly, there are various exemptions under bankruptcy law that protect people from losing their valuable belongings. Visit our Chapter 13 bankruptcy page for more information.
- My credit score will never recover after my bankruptcy action is finalized.
False. The good news is that most people can start the process of rehabilitating their credit as soon as their bankruptcy action is finalized. Since your debts are removed from your credit report after your bankruptcy is complete, there is nothing to stop you from taking the steps necessary to rebuild your credit.
- I am not eligible to file for bankruptcy under the new laws.
False. Bankruptcy still can be a viable option for people wanting to start anew. Even if you do not meet the income requirements under Chapter 7, there are other bankruptcy alternatives available to help you manage your debt.
- I will never be able to obtain credit after bankruptcy.
False. Despite this popular belief, most people receive offers from credit card companies soon after their bankruptcy action is complete.
- I will not be able to discharge taxes in a bankruptcy action.
False. While most tax debt cannot be discharged in a bankruptcy action, there are certain types of tax liability that can be released.
- I will never be able to buy a house after my bankruptcy action is complete.
False. Bankruptcy actions do not limit your ability to purchase property. While there may be a waiting period before you can apply for a mortgage loan, it is probably less time than you think.
Call us now to find out about your financial options
For more information about our comprehensive bankruptcy services, call us at 559-241-7050 (or toll free at ) or contact us online to schedule a consultation at our office in Fresno. Our office is conveniently located a half mile from Fresno State. We are available weekdays from 8:30 a.m. to 5:00 p.m. If you are unable to come to our office, we will come to you.