Filing Bankruptcy – Before I Go Bankrupt!

Filing bankruptcy is the last thing someone wants to do; unless they are trying to eliminate debt, stop a foreclosure, wage garnishment, repossession, or avoid a lien or bank levy. So if you have to file bankruptcy you don’t have to go bankrupt before declaring bankruptcy. As peculiar as that may sound, nothing could be further from the truth. As California Bankruptcy Attorneys we see consumers literally bankrupt themselves prior to filing bankruptcy when they don’t have to. Consumers don’t have to be bankrupt to file bankruptcy! You can eliminate credit card debt and medical bills along with other unsecured debt by filing bankruptcy chapter 7 without going through your 401K, 302B, home equity or other retirement savings. Another word, file bankruptcy before you go bankrupt!  It’s true, We see people bankrupt themselves by going through their retirement savings to pay unsecured debt only to later find them filing bankruptcy anyway. If they would just come to us first they would be happy to find out what we can protect for them under California State Exemptions.

Eliminate Your Debt, Not Your Life Savings! 

Filing bankruptcy chapter 7 does not necessarily mean you’re bankrupt. What it means is you chose to use bankruptcy as a sword, not a shield. You can use Bankruptcy Laws and California State Exemptions to eliminate your debt and protect your assets. While some people struggle with their finances and others struggle with their morals related to filing bankruptcy, the smart choice is to be proactive and protect your retirement saving and home equity before you file bankruptcy.

Bankruptcy Planning

The important thing to do is consult a Bankruptcy Attorney early and do some pre-bankruptcy filing planning prior to selling off assets and going through your 401K. Bankruptcy Laws and California State Exemptions are there for a reason, they protect you, and California State Exemptions allow you to keep much more than you would think. Additionally, small business owners that don’t think they qualify for chapter 7 bankruptcy under the “means test” find out to late in the game that their unsecured business debt can be discharged. Unfortunately, most have gone through all their savings trying to avoid bankruptcy only to find themselves having to file bankruptcy anyway. So probably the most important thing to consider if you think you might have to file bankruptcy, consult a Bankruptcy Attorney early and eliminate your debt, not your life savings!

This filing bankruptcy information is brought to you by the California Bankruptcy Attorneys at the Law Offices of Zhou & Chini. If you are considering filing bankruptcy as a form of debt relief our bankruptcy attorneys will always offer a free consultation to discuss if filing bankruptcy is a good option for you. If you decide you are going to file bankruptcy then pre-bankruptcy planning coupled with creditor defense can save you some big bucks. See how we can help! Call the Bankruptcy Attorneys at Zhou & Chini today at (800) 972-9600.