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Truth About Bankruptcy

The credit industry wants to discourage individuals from filing for bankruptcy protection. In an effort to collect on debts, creditors can be incredibly aggressive, intimidating, and frightening. Creditors can also give incorrect information and don’t always tell the truth about the rights you actually possess. Our firm wants to make sure you understand the truth about filing bankruptcy.


Bankruptcy law originates from the Old Testament and the New Testament.

Debt forgiveness origins are from the Old Testament and are prominently mentioned in the New Testament.

Recent bankruptcy laws are not as restrictive as you might think.

While it is true that these laws have created more paperwork for bankruptcy filings, these changes will most likely affect your bankruptcy attorney more than they affect you. Complete debt relief under Chapter 7 is still possible for many people. If you don’t qualify for Chapter 7, you may still be able to reduce or remove your debts under Chapter 13.

A majority of individuals who file for bankruptcy do not lose any of their belongings.

Creditors would like you to believe that if you file bankruptcy, you will lose your house, your car and all your personal belongings. The truth is that a majority of petitioners retain all of their property because filing bankruptcy can protect those assets and simultaneously remove debts.

After you file bankruptcy, creditor harassment must stop.

Once you file, an automatic stay goes into effect, prohibiting creditors from contacting you.

You have the power to stop a home foreclosure.

Filing bankruptcy halts all foreclosure proceedings against your property, giving you room to breathe.

Tax debt relief is possible.

In many cases, IRS and Franchise Tax Board liability can be eliminated, or repayment in monthly payments can be negotiated.

You can rebuild your credit.

Filing bankruptcy is the first step toward rebuilding your credit rating. Once your debt is discharged, you will be able to work on repairing your credit score. Many people get approved for a credit card or loan within a year after filing bankruptcy. Within two years after bankruptcy discharge, your credit should improve and could even be over 700.

Individuals filing bankruptcy have encountered financial hardship.

The credit industry would like you to believe that only deadbeats file bankruptcy. However, most petitioners got into financial trouble because of job loss, divorce or unforeseen medical expenses.

Bankruptcy can offer the best solution to obtain a fresh start.

The Law Offices of Kevin T. Simon, APC makes filing bankruptcy easy. For a nominal up-front fee, we can file all necessary documents to immediately stop foreclosure, repossession, and creditor harassment. Our attorneys and staff will walk you through the process from start to finish and keep you informed throughout.

Call (818) 783-1674 or contact us online to schedule a Free Consultation with Kevin Simon.

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