If you are a consumer who would like to quickly and legally settle most of your outstanding debts, filing Chapter 7 bankruptcy case could be the right option for you. Our Beverly Hills bankruptcy attorneys can guide you through the process.
Examples of debts that can be eliminated through Chapter 7 bankruptcy include:
In Chapter 7 bankruptcy cases, you will have to liquidate some of your assets to clear your debts. But under the California Code of Civil Procedure, most of your important assets, such as your vehicles and home, are protected from liquidation. In order to file, you will first have to take the means test to determine if your disposable income is low enough to qualify.
There is no minimum amount of debt required and a case is typically discharged in three to six months. You can only go through a Chapter 7 discharge once every eight years. If you do not qualify for a Chapter 7 bankruptcy, you will have to file for Chapter 13 bankruptcy. Chapter 7 bankruptcy will remain on your credit for 10 years from the date of your filing.
Filing for Chapter 7 could be the fresh start you are looking for. By taking this step, you can stop foreclosure, repossession, wage garnishment, creditor harassment, and collection efforts.
Bankruptcy is not without its pitfalls, however, which is why you need to retain the services of an experienced Beverly Hills bankruptcy attorney.