Is a divorce, loss of income, a bad home loan - or all three - pushing you toward bankruptcy? Any one of these is a disaster for the family and calls for fast action to limit the damage.
Whether your current financial state makes you angry or apathetic, the best way to keep bad situation from becoming worse is to get advice from someone who knows the law AND can advise on how to keep your financial problems from impacting the family and your future.
At the Law Offices of Demetria L. Graves, I can help you sort through all the pros and cons of bankruptcy, and explain how it may impact your home, family, and future.
Divorce and Bankruptcy
Financial issues rank high as a cause of divorce, so it's not uncommon that people who are considering bankruptcy are also be considering filing for a divorce. Add an expensive mortgage and you have an explosive mixture. When more than one of these issues is being faced at the same time, they play against each other in the worst possible way. Any one of them by itself presents a personal and legal challenge and if you have two or three it is a nightmare.
I can certainly help you through the legal challenges of divorce, bankruptcy and home loan modifications. But more, I can help you understand how the various choices will play out. You have big decisions to make. You don't just need more information; you need practical insight into what your bankruptcy, home loan and divorce choices mean to you, your family and your future.
Bankruptcy Has Its Place...
There are basically two forms of bankruptcy for individuals and one of them may a viable solution for you. No two people have the same circumstances, the same secured and unsecured debts, the same income and obligations. Which form of bankruptcy is for you, if either, is a complicated question.
There are truly situations in which a chapter 7 bankruptcy (which calls for the surrendering of all non-exempt assets) or a chapter 13 bankruptcy (in which you keep some assets and you pay off their debts) are best. To get the maximum benefit from these solutions, you need someone who knows them inside out.
Bankruptcy Has Its Place, But It May Not Be For You
Bankruptcy is not the painless cleaning of your balance sheet that you may think. Consider these points:
1. Credit history: Bankruptcy remains on your credit report for 10 years and stays in Court Records for 20 years. Credit and job applications will ask 'Did you EVER file for bankruptcy?' You must answer 'yes' for the rest of your life.
2. Property: You may need to part with treasured property including family heirlooms.
3. Social status: Above any issues created in the family, you may find that in the wider sphere that includes friends, community and school groups and even with church members, there is a price to pay.
4. Business: If you own or hope to own a business, a personal bankruptcy will disqualify you for business loans and lines of credit.
5. Finances: Depending upon the type of filing, every bank account and credit card you now have may be closed. Anything that you lease or are making payments on (such as a car or furniture) may be returned to its owner.
6. Family matters: Renting a home or apartment, acquiring insurance, getting security clearance or buying or leasing a car will become complicated, or impossible.
Get Bankruptcy Advice Before You Really Need It!
As with an illness, waiting to see if the symptoms will develop into something serious (or magically go away) before getting help is a bad idea. The best thing you will ever hear from a lawyer is that you are better off NOT filing bankruptcy and that you actually have options.
You need options particularly when you are also fighting to keep a home due to a bad mortgage or are trying to sort out family problems. My advice to you: Let me help you avoid fighting two or three battles at the same time. And when it comes time to tackle each, do it with your eyes open and strong professional support.
A Free Bankruptcy Evaluation
I provide free initial evaluations in my Glendale office during regular business hours or on evenings and weekends by special arrangement. During this conversation, I will get to know you and your financial situation. We will discuss your legal options, the likely outcomes of those options and how we could help you achieve your goals.
For a free initial consultation call toll-free at 866-930-0582 or contact me online.
