Chapter 7 Bankruptcy
Chapter 7 bankruptcy is designed to help individuals and small businesses eliminate their unsecured debt. Unsecured debt is debt for which there is no tangible property directly attached to the debt. When individuals cannot pay their unsecured debts, creditors are unable to take away property or items purchased with the unsecured debt. Credit cards and medical bills are examples of unsecured debt. When individuals find themselves in financial straits and faced with overwhelming unsecured debt, filing for Chapter 7 bankruptcy may be a step in the right direction.
Start Over with Chapter 7 Bankruptcy in California
In 2005 new laws were passed that made it more difficult for some individuals and businesses to file for bankruptcy. However, these new laws did not make it impossible for individuals and businesses to file for bankruptcy. A Chapter 7 bankruptcy attorney can help individuals and businesses understand the new bankruptcy laws and how these laws will affect them. Those desiring to file for bankruptcy should not be discouraged by these new laws. While credit counseling and means tests are required, many individuals and businesses needing to file for bankruptcy are still able to do so.
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For the most part, the process of filing for bankruptcy has remained unchanged. Individuals or businesses wishing to declare Chapter 7 bankruptcy need to file a petition with the bankruptcy court in the area in which they or their business are located. A California bankruptcy attorney can assist those living in California ensure they are filing with the appropriate bankruptcy court. When the bankruptcy petition is filed the debtor will also be required to file a schedule of their assets and liabilities, a schedule of their current income and expenditures, a statement of their financial affairs, and a schedule of their executory contracts and expenditures. Individuals and businesses in the Los Angeles area may contact a Los Angeles bankruptcy attorney to ensure that they have all the documents necessary to proceed with the bankruptcy filing.
Debt liquidation ▪ Credit counseling ▪ Prevent foreclosure ▪ Stop garnishment
Having the advice and guidance of an experienced Chapter 7 bankruptcy lawyer during this process will be invaluable. Those filing for Chapter 7 bankruptcy will want to ensure that their unsecured debts are discharged. They want to guarantee that they will no longer be held personally liable for their debts and that their creditors will no longer be able to take collection actions against them. A Chapter 7 bankruptcy attorney will work diligently to help debtors achieve the Chapter 7 bankruptcy discharge they so desperately need.
If for some reason debtors are not able to file Chapter 7 bankruptcy, they may be eligible for Chapter 13 bankruptcy. A Chapter 13 bankruptcy attorney can help those needing to file Chapter 13 bankruptcy. When Chapter 7 bankruptcy is not an option, contact a Chapter 13 bankruptcy lawyer for assistance.
Get a new start and stop creditor harassment immediately!
Chapter 7 bankruptcy is designed to help individuals by eliminating all unsecured debt. Under Chapter 7 bankruptcy laws, the filer may "reaffirm" certain secured debt, such as a mortgage and automobile loan. This means that you can eliminate all revolving credit card debt and keep your home and car by agreeing to continue to repay the loan. There are many myths about Chapter 7 bankruptcy that the credit industry wants people to believe. While it is true that the new bankruptcy laws of 2005 affected some people, the large majority of families that qualified for Chapter 7 prior to the new laws, can still qualify.
Hire us today and you can immediately start telling creditors and collection agencies that you are represented by a lawyer. By law, collection efforts must then come directly to our offices immediately.
Wilshire Law Group handles everything to help you start getting a fresh start today.
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
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