Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy can eliminate most or all of your unsecured debts and give you a fresh start. We will evaluate your case and determine whether Chapter 7 bankruptcy is appropriate in your case.

If you are an individual and meet the requirements, a Chapter 7 bankruptcy allows you to discharge most or all of your debts. It allows you to do this regardless of how many assets you have or how much your creditors ultimately receive. It basically allows you to walk away from your debts and get that fresh start that the U.S. Congress intended the law to provide.

In addition to getting rid of most of your debt, Chapter 7 bankruptcy in California allows you to keep much of your property. So long as there is no significant equity in your property, and your car and mortgage payments are current. You should be able to keep your car, your home, and all of your personal belongings, but eliminate your smothering debt. Chapter 7 bankruptcy provides you with many benefits if you qualify.

When considering a Chapter 7 bankruptcy, there are detailed eligibility requirements that must be examined. Generally, if your income is below the California median income for your household size, you will qualify to file a Chapter 7 bankruptcy. However, in many cases, you may qualify for Chapter 7 bankruptcy even if your income is greater than the California median income for your household size.

In addition to the eligibility requirements, it is important to speak with a qualified attorney before filing Chapter 7 bankruptcy so that you can be sure that any assets you intend to keep will be protected or “exempt” from creditor claims and ensure that Chapter 7 is appropriate in your individual situation.

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