Free No Obligation Consultations Available
Call Now (805) 374-8777

Knowledge is power..... 
Protect your family, your assets, and your business.

01. Revocable Living Trust Estate Plan 02. Probate Proceedings
03. Conservatorship Proceedings
04. Business General Counsel
05. S Corporations, LLC's
06. Consumer Bankruptcy Protection

Today, people who have found themselves victims of a sour economy, bad business decisions, overburdened by healthcare costs, job loss, or marital separation, can find a fresh start and renewed hope. There is no stigma to seeking help from Bankruptcy protection. This kind of help has existed in one form or another since the Roman Empire. It was understood then as it is today, that society is better off when its citizenry is productive and able to manage their finances. In filing for Bankruptcy Protection, certain creditors may be paid, others may not be. The consumer can protect certain property (exempt property) and be relieved of most of their unsecured debt (credit cards, personal loans) while maintaining some secured property (homes with mortgages, depending on equity). Which debts will be dismissed and which assets will remain, is based on an individual’s circumstances. Free from the burden of mounting debt and harassing calls, a fresh start allows the consumer to move on and return to normalcy.

Compare Bankruptcy versus Credit Consolidation/Counseling (repayment plans)
One question frequently asked is whether credit counseling (working a payment plan) is better for the client than a Bankruptcy discharge?

There are many factors to consider personal to each family. However, most clients are concerned about the payments and their credit score.

In each instance the consumer will suffer from a severe markdown of their credit score – on the order of 100 to 200 points – along with notations on their report of their failure to pay. This credit score demerit occurs, whether you are making some payments under a credit counseling option or seeking a discharge under Bankruptcy. This makes obtaining new or further credit very difficult regardless of which method chosen.

With the credit counseling method, the consumer will pay back some or all of the debts. Under bankruptcy, most unsecured debts like credit cards will likely be wiped out.

Under credit counseling plans, the consumer will make payments under a set schedule and typically not emerge debt free for several years. Under bankruptcy, most consumer debts will be gone almost immediately and following the close of the bankruptcy, generally six months or less, the consumer can begin to cautiously and carefully re-build their credit.

Each family has needs personal to them and a unique perspective on their difficulties. Let us address these issues with you in confidence and confidentiality to help you make an educated decision. Let us help.

We offer clients a free half hour consultation with the attorney to discuss the possibility of filing for bankruptcy protection. Call our office and ask for our debt / asset intake sheet and to schedule a consultation with David Schneider.

We look forward to helping you.