CHAPTER 7
Chapter 7 Attorney Ventura, Oxnard
Supportive Bankruptcy Firm In Ventura, CA
Every day, millions of American citizens struggle with financial challenges. To realize that you or your business is on the verge of bankruptcy is a horrible feeling. When you know that you are falling behind on your important payments and collectors are hounding you from every direction, it becomes all the more difficult to think clearly. This is where we come in. It is time that you hired a dependable bankruptcy attorney to deal with your financial difficulties. With us on your side, you get a dedicated attorney who will focus on your case and will make sure that all your financial troubles are sorted out as quickly as possible. There is a great deal that we can do to get you immediate relief, help eliminate your debt and get you back on your feet. The guiding principle behind bankruptcy is to give the honest debtor a fresh start. Isn’t it time you got yours?
What Are The Key Components of Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal process through which individuals or businesses can seek relief from overwhelming debt. It is often referred to as “liquidation” bankruptcy because it involves the selling of non-exempt assets to pay off creditors.
Here’s a breakdown of how it works:
- Eligibility: To qualify for Chapter 7 bankruptcy, individuals must pass the “means test,” which compares their income to the median income in their state. If their income is below the median, they qualify; if it is above, they may need to file for a different type of bankruptcy, such as Chapter 13.
- Filing: A debtor files a petition with the bankruptcy court. This petition includes detailed information about their debts, assets, income, and living expenses. The debtor is required to submit this information under oath.
- Automatic Stay: Once the petition is filed, an “automatic stay” is triggered, which halts most collection actions, including foreclosure, repossession, and wage garnishment, allowing the debtor some breathing room.
- Appointment of a Trustee: After filing, the court appoints a bankruptcy trustee who will review the case, oversee the liquidation of non-exempt assets, and distribute the proceeds to creditors.
- Asset Liquidation: The trustee will sell any non-exempt property the debtor owns to generate funds. However, many Chapter 7 debtors don’t have enough non-exempt property for liquidation. States allow individuals to keep certain exempt assets, such as a portion of home equity, personal items, and a vehicle, depending on local laws.
- Discharge of Debt: After the liquidation process, remaining eligible debts are discharged (forgiven), and the debtor is no longer responsible for repaying them. Certain debts, like child support, alimony, and some taxes, cannot be discharged.
- Impact on Credit: Filing for Chapter 7 bankruptcy negatively impacts the debtor’s credit score and can stay on their credit report for up to 10 years, but it can also provide a fresh start, allowing the debtor to rebuild their financial life over time.
In essence, Chapter 7 bankruptcy provides a way for individuals and businesses to wipe out most unsecured debts and move forward without the burden of those financial obligations. However, it requires the liquidation of assets and has long-term consequences for credit and finances.
What Happens When You File For Chapter 7?
In chapter 7 bankruptcy, you may be able to:
- Discharge all your unsecured debts
- Stop and prevent wage garnishments
- Stop and prevent wage garnishments
- Stop and prevent repossession of your vehicles and other property
- Say goodbye to creditor calls and intimidating collection attempts
Get your credit back on track
You can call us right now for a free case evaluation. Our chapter 7 bankruptcy lawyer is waiting to hear from you. Let us help you get your finances back on track.
How Long Does A Chapter 7 Case Take?
The duration of your case is going to depend entirely on your case and financial situation. The vast majority of Chapter 7 bankruptcy cases take anywhere between three to six months. Your case may take a little longer if you need to come up with any additional information to support your case or if there are assets above and beyond what you are entitled to keep. This is generally not the case.
What Is Chapter 7 Bankruptcy?
To understand it in the simplest terms, chapter 7 bankruptcy is reserved for individuals who are not able to afford even the minimum payments on their financial obligations. It is also referred to as liquidation bankruptcy, and allows you, the debtor to discharge all of your unsecured debts.
What Are The Eligibility Requirements For Chapter 7?
Whether you are eligible to file under Chapter 7 will largely depend upon a calculation of your income and expenses. You will have to complete a means test, which is to verify that you are in fact insolvent and unable to pay your debts as they become due.
Providing Support, Guidance, And Firm Representation In Ventura
It is essential that we learn as much as we can about your financial situation. We can help you in this regard. Contact Grennier Law office for bankruptcy lawyer today and ask them to have a close look at your financial situation right away. Let’s get you started. Contact our Ventura chapter 7 bankruptcy lawyer today for a free consultation.
