Chapter 7 Bankruptcy gives individuals an opportunity for a fresh start. Also known as a straight bankruptcy, it is the most common type of personal bankruptcy. Approximately 75% of bankruptcy filings are chapter 7’s. Usually the process lasts 4 months. After which the court will enter the discharge that wipes out all unsecured debt.
Assets You Keep in personal chapter 7 Bankruptcy.
Filing chapter 7 bankruptcy does not mean you are not allowed to keep anything. Just the opposite, the law allows you to keep certain exempt assets. You must claim the exemptions under California bankruptcy exemptions sections 703 and 704. In most cases debtors will get to keep all of their assets. However, corporate chapter 7 bankruptcies do not get any exemptions.
Proper planning is essential to protect the assets prior to and during the filing of the bankruptcy petition. An experienced bankruptcy attorney can make sure you will get to keep your house and car and many other assets. Call us today. We welcome the opportunity to explain how we can protect all your assets. Learn how chapter 7 can help you and what can chapter 7 bankruptcy do for you.
Caution, once you file chapter 7 you can not cancel it. The trustee will sell unprotected assets to pay your creditors. Do not guess! Call 818 409 8911 and schedule a free in person consultation.
Who is Eligible to file Chapter 7?
The chapter 7 means test determines whether you qualify to file for chapter 7 bankruptcy. Generally chapter 7 is the preferred bankruptcy option. Once you qualify under the means test, you can file chapter 7. With over 20 years of experience, we will be able to qualify you. Since we practice in bankruptcy law only, we know how to use every deduction and expense to qualify you for chapter 7. Call 818 409 8911 and let us explain how we can qualify you.
What is the Chapter 7 bankruptcy process like?
The chapter 7 bankruptcy process begin with the filing of the bankruptcy petition and ends with obtaining the chapter 7 discharge. The process takes about 4 months to complete, but what is important in bankruptcy is the filing date.
Upon filing of bankruptcy, an automatic stay will prevents creditors from contacting you or trying to collect debt from you. You are also required to take 2 classes to successfully file and complete your bankruptcy. Once you sign up with us, we will provide you all information you need to complete these classes. We make bankruptcy hassle free.
What are the typical Chapter 7 bankruptcy attorney fees?
Chapter 7 attorney fees vary from $795.00 to $3,000.00. The fee is based on the amount of unsecured debt, number of creditors, your income level, and qualification to pass the means test. Types and amount of assets involved are also a factor. In most cases, attorney fees will be between $1200 to $1500. We encouraged you to contact us and we will quote all fees upfront so that you know exactly what chapter 7 bankruptcy will cost you. For an Affordable, Exceptional and Personal Service, Call 818-409-8911