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San Fernando Valley Bankruptcy Lawyer
Law Office of Donald A. Hilland
BANKRUPTCY
Divorce, DUI, Discrimination
818-838-3600
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BANKRUPTCY  MYTHS

Bankruptcy doesn't exist anymore.  NOT TRUE!
 
The laws were changed recently, but Americans have been filing bankruptcy since the Constitution was ratified  in 1789 and more and more Americans today in this economic crisis are filing in order to save their home from foreclosure.


Only deadbeats file for bankruptcy.  NOT TRUE!
 
Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness. They've struggled to pay their bills for months and just keep falling further behind.
The way the credit card companies work, you're not meant to pay them off because every month they are collecting more and more interest and your balance just keeps growing

Bankruptcy ruins your credit.  NOT TRUE!
 
Most people who file for bankruptcy have already damaged their credit.  Most people who file for bankruptcy end up in a Chapter 13 which can actually rebuild your credit based on the repayment plan that you enter into.

I'll lose everything I have.  NOT TRUE!

This is the misconception that keeps people who really should file for bankruptcy from doing it.They think the government will sell everything they have and they'll have to start over in a cardboard box.  California has some of the strongest exemptions that protect certain kinds of assets, such as your house, your car (up to a certain value), money in qualified retirement plans, household goods and clothing.  "For most people, they'll pass through a bankruptcy case and keep everything they have," says John Hargrave, a bankruptcy trustee in New Jersey. If you have a mortgage or a car loan, you can keep those as long as you keep making the payments (like the rest of us). 


 Everyone will know I've filed for bankruptcy.  NOT TRUE!

Unless you're a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it's true that bankruptcy is a public legal proceeding, the number of people filing is so massive that very few publications have the space, the manpower or the inclination to run all of them.
  Se Habla Espanol
Chapter 7 and Chapter 13
818-838-3600
1019 Second Street, San Fernando, California 91340

RIGHT ACROSS FROM THE THE SAN FERNANDO COURTHOUSE
Donald Arthur Hilland, Esq.
405 N. Maclay Avenue, Suite 203, San Fernando, California 91340