Attorney Yuli Eliyahu Kaplunovsky Dispels Myths About U.S. Bankruptcy

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In light of an October 2, 2015, post on DSNews.com that states September saw the second-lowest monthly bankruptcy filing total of 2015, Yuli Eliyahu Kaplunovsky is raising awareness, especially in the Hispanic community, that the decrease might be due to misconceptions, and filing for bankruptcy in the U.S. is not as debilitating as in some Latin American countries.

Yuli Eliyahu Kaplunovsky

Our goal is to educate the Hispanic community, and others, here on the bankruptcy process and dispel the myths and misinformation.

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“In certain Latin countries, filing for bankruptcy would cost people all of their belongings and they wouldn’t be able to buy another home, while the bankruptcy process here just gives them a second chance at life and helps them get back on their feet,” said Yuli, founder of Modesto-Law-Center. “Our goal is to educate the Hispanic community, and others, here on the bankruptcy process and dispel the myths and misinformation.”

Bankruptcy contemplates the "forgiveness" of debt. The Bible, likewise, contains debt forgiveness laws. Under U.S. law, a debtor may only receive a discharge of debts in a Chapter 7 bankruptcy, once every eight years. Under Biblical law, the release of debts came at the end of seven years. "At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD's release" (Deuteronomy 15:1-2).

According to the DSNews.com post, bankruptcy filings nationwide totaled 62,358 for the month of September, the second-lowest total for any month this year. However, according to Yuli, a high number of Hispanic people in the U.S. that are originally from another country won’t file because they are afraid, misinformed and then they just suffer because of it, such as in a case where their wages are been garnished.

“I let them know that here it is a federal procedure, but their assets get protected,” said Yuli. “It’s just the debts that are then taken care of.”

Additionally, Yuli reports that a lot of people question their immigration process in terms of bankruptcy. People don’t know that it will not affect their situation, as they are two separate and unrelated processes.

“We want to inform the community that bankruptcy can be a solution to their problems, not just another problem,” said Yuli. “Bankruptcy gets discharged in 6-7 months, and people can even purchase another home in just a couple years after. This is a real opportunity to start fresh for many people.”

For a complimentary initial consultation on bankruptcy, please call Modesto-Law-Center at (209) 553-0000.

About Yuli Eliyahu Kaplunovsky, Modesto-Law-Center
Modesto-Law-Center was established in the Central Valley and the Bay Area to provide effective legal representation to individuals, families and businesses in California. Yuli Eliyahu Kaplunovsky is a member of the California Bar, California Northern and Eastern District Federal Court, Tax Court, Immigration Court and Bankruptcy Court. The staff at Modesto-Law-Center speak English, Spanish, Punjabi, Hebrew and Russian. Modesto-Law-Center is located at 4260 Sisk Rd. Modesto CA 95356 , (209) 553 0000, and Yuli has additional offices in Sunnyvale and Hayward, as well.

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