Escondido Bankruptcy Lawyer – North County San Diego Attorney

As an Escondido Bankruptcy Lawyer, I find there are many reasons people don’t file for bankruptcy protection, but the number one reason is they are worried about their credit going forward. Yes, a San Diego bankruptcy will stay on your credit record for 7-10 years. This sounds terrible but, in fact, it is not. If you really think about your credit and how bankruptcy affects it, you will see that it is very manageable.

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First, if you are in a position where an Escondido bankruptcy is going to give you a fresh start, your credit has already been damaged. It is very likely that your credit cannot get much worse. Now, all you are doing is throwing money at minimum credit card payments, paying late fees and never really getting out of the hole. You perceive that continuing on this path seems to be the best course of action when, in reality, wiping out your debts is the best choice.

Once you realize that people in financial difficulty already have low credit scores you realize that there is very little a San Diego bankruptcy will do to make it worse. The next logical step is to ask yourself: If my credit score isn’t going to get any worse, what reason to I have not to file for Chapter 7 or Chapter 13 protection? If you have bills piling up and creditor’s harassing you, you quickly realize that the reasons are few and far between.

Further, despite what you see on TV or read on the Internet, an Escondido bankruptcy can actually improve your credit score in the long run. First, one of the things that lenders look at is your ability to pay off debts. In other words, do you make enough money to pay off the debt you are carrying? When you file for Chapter 7 or Chapter 13 some, if not all of your debts will be discharged. You will look significantly better to a creditor if your income far exceeds your debt. Second, because you cannot file for bankruptcy again for 7 years, creditors believe you will be more responsible in the interim. Finally, you will begin to get offers from credit shortly after your discharge. Of course, the terms might not be as favorable as they might have once been, but since you are managing your finances more responsibly, you don’t have to worry about interest or finance charges.

We at the Law Office of Harold D. Thompson are North County bankruptcy attorneys dedicated to helping you get out of financial distress. If your debts are piling up and you are looking for a “fresh start” call an Escondido bankruptcy lawyer that will fight for your rights and stop creditor harassment in San Diego. Bankruptcy fees start as low as $800.00. Don’t be fooled by big advertisers charging thousands of dollars. Call us TODAY at 1.888.590.1773 or visit one of our other websites at Escondido Bankruptcy Lawyer or Orange County Bankruptcy Lawyers or Riverside Bankruptcy Lawyers.