In light of the recent recession, more people than ever have been forced to declare bankruptcy. Although it should be thought of as a last resort—bankruptcy can negatively impact credit scores for 10 years and may make loans difficult to obtain—for some people, it may be their only option.
Jeffrey Schreiber understands how stressful and difficult it can be to file for bankruptcy. As a bankruptcy lawyer San Diego, California-based Schreiber has been practicing law since 1983.
Over the years, he has assisted many clients through the bankruptcy process at his office, The Schreiber Law Firm.
In an effort to help people who are currently facing bankruptcy, Schreiber recently wrote an article that offers tips about the process. For those who are at the end of their financial rope and need legal advice from an attorney San Diego CA area Schreiber suggests that first, they remember to hold their head high.
“Last year, there were 2.5 million personal and small business bankruptcy filings in the U.S.,” he wrote, adding that people most often file for bankruptcy after losing a job or becoming ill and unable to work.
“Were all these folks deadbeats? Of course not. There’s no shame in filing.”
Although it might be tempting to try to hide assets while filing—like maybe selling a car to a friend or relative or selling a business to a “new partner,” Schreiber said if discovered, it will really hurt the person’s credibility with the bankruptcy judge who hears the case.
A common concern that people who declare bankruptcy often have is losing their home. The estate planning attorney San Diego based Schreiber said that except in the most extreme cases, bankruptcy courts will allow people to keep the things they need to live—for example, a home, car, and tools of their trade. The court will typically try to work out a repayment plan with the mortgage holder or put the person on a budget.
Interestingly, Schreiber noted, the court may allow people who file for bankruptcy to keep a credit card, but chances are good it will have a low credit limit. Even though credit card companies will undoubtedly start courting people with fabulous mre offers, Schreiber strongly urges them to spend only cash, be wise with money, and not live above their means.
Finally, for those who need a bankruptcy lawyer San Diego CA area Schreiber offers reassurance.
“Bankruptcy is designed to protect you. That’s why it’s called bankruptcy protection,” he noted.
“As soon as you file, the court will notify your creditors and the telephone calls will stop, the nasty letters will stop and the repo guy will stop eyeballing your lime-green Pinto.”
About The Schreiber Law Firm:
Jeffrey Schreiber has practiced law since 1983. His practice focuses on representing debtors and creditors in bankruptcy proceedings, resolving tax problems with federal and California taxing authorities, wills, trusts and estate planning, probate matters and advising and representing small business owners. After years practicing in mid-size law firms, Mr. Schreiber chose to become a sole practitioner as the best way to ensure he could personally provide individualized service to each and every client at a lower cost, making high quality legal services more affordable for those who need help the most but can afford it the least. For more information, please visit http://schreiberattorney.com