The many questions that Escondido residents may have about filing for bankruptcy can make some people simply decide that going through the process isn't worth the effort, and as a result their financial situation continues to slide downhill. Some people would call this sticking your head in the sand, but the reality is that trying to decide whether or not a personal bankruptcy action is right for you can indeed be daunting.
Filing for bankruptcy can be a life-changing decision, but the mistake that many people make is thinking that it is a decision for the worse. They may believe that filing for bankruptcy shows that they are irresponsible, or that they do not know how to manage their money and property. They may believe it shows that they make bad decisions. But, the fact is that coming to terms with a difficult financial situation and deciding to file for bankruptcy can actually be a very responsible move when the time is right.
For the most part, people who file for Chapter 7 bankruptcy do not lose all of their assets, contrary to popular belief. In fact, many people get to keep their home - if that is prudent from a financial standpoint - as well as many of their other belongings. Chapter 7 bankruptcy is intended to help consumers discharge debt, not strip them of everything they own.
At our law firm, we know how difficult it can be to make the right decision in a tough financial situation. We believe that providing the best and most accurate information is a good way to get a person to make the right decision. For more information about our approach to bankruptcy, please visit our website.