James A. McGrath

KNOW YOUR OPTIONS

If you have lost your job, incurred unexpected expenses or, for reasons beyond your control, can no longer make payments on credit cards or other debts, you may want to discuss your situation with an attorney.    

Bankruptcy is one option that may be available to you. A consultation with an attorney can help you evaluate whether your situation justifies filing a bankruptcy case. There are many rules that you should fully understand before deciding. Getting an open and honest opinion may be the most important step in dealing with your financial issues.

WHAT IS BANKRUPTCY?

Bankruptcy is a process, governed by federal law, that resolves consumer and business debts. The process is two-fold. It operates to give relief to the debtor, but also controls the manner in which non-exempt assets are divided among creditors.   

Bankruptcy may interact with California law due to community property issues, exemption claims and other substantive areas of state law. Because of this, it is sometimes worth hiring a professional, even if the bankruptcy seems simple.

Bankruptcy is a very serious matter that will have long lasting impacts on your credit and may require you to give up property.   For this reason, proper planning can help you maximize your exemptions and aid you in getting the best result.

There are bankruptcy "mills" out there. These businesses operate on a volume basis and often have non-attorney staff members working on the cases. These operations will not be able to give you individual attention and you may not get all the information you would like to have.  Whatever you do, find a professional that is willing to take time and explain your options.  You should have your questions answered before making any decision. If you are not comfortable with the professional, don't hire them.

For a free consultation on bankuptcy, please call my office at:

(209) 223-2868