Chapter 7 Bankruptcy

Riverside Chapter 7 Bankruptcy Lawyer

A Chapter 7 Bankruptcy can eliminate your debt and offer you a truly fresh start. Many good people are struggling through bad times right now, usually due to unforeseen events such as unemployment, illness, or some other hardship.

A Chapter 7 Bankruptcy, also known as the Liquidation or Straight Bankruptcy, is the most common type of bankruptcy filed. In 2009, over 1.4 million bankruptcies were filed in the United states alone, and almost a million of them were Chapter 7 Bankruptcies. So, if you need to file, you’re clearly not alone. Plenty of good people need help, and if you qualify, you can keep all of your exempt property, and eliminate most, if not all, of your debt.

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Keep Your Exempt Property
Eliminate Your Unsecured Debt
Eliminate Secured Debt but You Can Pay to Keep Your Property
A Truly Fresh Start, But You Must Qualify
Chapter 7 Bankruptcy Timeline

Keep Your Exempt Property

In California, a debtor can elect from one of two categories of exemptions, depending on the type of property owned and the amount of equity that exists. See our detailed Exemptions page and let us help you determine which category is better for you. If you qualify, you can keep certain exempt property such as:

Home
Vehicle(s)
Home Furnishings
Social Security and Disability Benefits
401ks & IRAs
Pensions and other Qualified Retirement Plans
Tools of the Trade (Business)
Alimony and Child Support
and more…

Eliminate/Discharge Your Unsecured Debt

Through a Chapter 7 bankruptcy, you (individual or business) can also discharge many unsecured debts like:

Credit Cards & Charge Cards
Personal loans
Business debt
Medical Bills
Utility bills
Pay day loans
Unpaid Taxes (min. 3 years old)
Lawsuits, Judgments.

Secured Debt

Secured debts, like your home mortgage or car loans can eliminated or discharged in a Chapter 7 Bankruptcy. You can keep the property if you continue to make your regular payments or surrender the property to the lender and walk away with no personal liability. In some instances you will need to Reaffirm the secured debt or Redeem the property. If you own a home you can:

Surrender the house if you can’t afford the payments. Options include: surrender, foreclosure, deed in lieu, short sale), or
Keep the house and continue to make payments if current. When you’ve paid off your loan and you will own the house free & clear. Note that many lenders will not report that you are making your continued payments after your bankruptcy. You can communicate this with your lender or show proof to the credit reporting agencies.

You Must Qualify for Chapter 7 Bankruptcy

For Filing Chapter 7 and Chapter 7 Bankruptcy Information Including Unsecured Debt, Secured Debt, Exemptions and More

Chapter 7 offers a truly fresh start for those who qualify. See our page on the Mean’s Test to find out more. Upon receiving your discharge order from the court, you are no longer legally required to repay your debts and begin your fresh start. As you can image, the Bankruptcy Laws were initially intended to help creditors – not debtors. And with each significant change to the Bankruptcy Laws, especially in 2005, bankruptcy relief has become much harder to obtain, so it’s important that you seek sound advice and do what’s best for you.

If you, like millions of others, are ready to help you wipe your slate clean from debt. Call us today for a free consultation in-person or over the phone and a skilled bankruptcy attorney will help you make the right decision, a decision that will undoubtedly change your life for the better.