Chapter 7 Bankruptcy
The Steven Davis is one of the most experienced bankruptcy attorneys in Rancho Bernardo. Period. Should you choose to file Chapter 7 bankruptcy, you may choose to take on your filings yourself. However, many of the paperwork and appearances, including qualifications, property exemptions under Chapter 7 in California, and court hearings, are much easier with the assistance with a Rancho Bernardo bankruptcy attorney.
Chapter 7 bankruptcy, often called straight liquidation, is designed to give individuals as fresh start by discharging most debts. While there are some types of debts that are not able to be eliminated under Chapter 7 bankruptcy, filing a Chapter 7 bankruptcy stays creditors from pursing collection activity against individuals. Types of the debt that are not dischargeable include (among others) certain types of taxes, student loans, child support, alimony, and debt incurred by fraud. A husband and wife may choose to file together or separately, or there may be a reason that one spouse should file and not the other.
The typical Chapter 7 bankruptcy case in California takes about 90 days. Once you choose a bankruptcy attorney in Rancho Bernardo, you and your attorney file a petition, which causes a stay (stopping creditor action). About 30 days later, a hearing is held that the debtor must attend. Though creditors can choose to attend this meeting and ask questions, they rarely do.
Often, people think that they are not eligible for Chapter 7 bankruptcy because they make too much money. In fact, an individual qualifies for Chapter 7 bankruptcy based on the means test. The means test takes into account not just a debtor’s income, but also his or her total expenses to determine whether or not an individual qualifies to file Chapter 7 bankruptcy in California. There are many intricacies to performing a means test, and many of the online calculators do not provide for all of the different exemptions and rules that apply to perform the test. A bankruptcy attorney in Rancho Bernardo will give you the expertise to make sure all of these things have been provided for, and that you qualify for Chapter 7 bankruptcy.
In most cases, a debtor who files Chapter 7 bankruptcy will keep his or her assets. Both the federal government and states allow for the debtor to claim exemptions, which allow the debtor to keep his or her property. California has some of the best exemptions available to those who file Chapter 7 bankruptcy in Rancho Bernardo.
