California Chapter 7 Lawyer
Understanding Chapter 7 Bankruptcy
A main purpose of any bankruptcy filing is to get rid of specific debts so that you can have a new financial beginning. Chapter 7 is most often used by individuals who do not have a large amount of income or property. Individuals or married couples may apply for Chapter 7 bankruptcy. It doesn't require a plan of repayment, as in
Chapter 13, and will result in a discharge of most of your debts.
If Chapter 7 is filed, you will have to demonstrate to the court that you are eligible for this type of debt relief. Certain debts will be eligible and some in-eligible for discharge in Chapter 7. Assets such as a 401k or an individual retirement account are usually considered exempt from sale. Typically, your vehicle, home and personal items will be also be exempt. There are many rules, forms and procedures involved in a Chapter 7 filing. It is always best to retain the services of a skilled
California bankruptcy attorney when you desire to successfully file for bankruptcy.
When should I file?
There are usually financial signs or indicators that point towards the need to file bankruptcy. At Price Law Group, our best advice is to come see us before your situation worsens. After consultation, if you decide that filing Chapter 7 bankruptcy is best for you, the work should begin right away. Your case will start with a petition filed with the proper court. It must include, among other items:
- A complete list of all your monthly living expenses such as rent or mortgage payment, food, clothing, transportation and utilities
- How you make your income, how often it is paid and the amount you receive
- Who all your creditors are and how much you owe them
Filing for bankruptcy can be a major turning point in your life. We want you to understand the process and what it will take to be successful. It can be complex and require a complete working knowledge of bankruptcy laws. With our experience, we are always confident in our ability to successfully navigate through Chapter 7 proceedings towards the goals you have set for bankruptcy.
Contact a skilled California Chapter 7 Lawyer
when you are considering Chapter 7 bankruptcy and desire a discharge of all eligible debts.