What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a legal procedure giving a fresh start to people who are overburdened with certain types of debt. We can help you understand your options and pursue bankruptcy protection. Under the Chapter 7 bankruptcy procedure, we file for protection from the bankruptcy court, and a trustee administers your non-exempt assets. At that point, the court has the authority to discharge (permanently eliminate) certain types of unsecured debt, such as:

•    Credit card debts
•    Medical bills
•    Payday loans
•    Deficiency judgments

You may have heard Chapter 7 bankruptcy referred to as liquidation. What that means is that in certain cases, the court can sell some of your non-exempt property in order to partially repay your creditors. However, many types of property are exempt, so most people don’t lose anything. We will formulate a plan for you so that you will keep as many of your assets as possible. We will carefully review your personal circumstances to determine what the likely consequences of Chapter 7 bankruptcy will be so you can make an informed decision. If you choose to file Chapter 7, we will guide you through the process. For further information about Chapter 7 Bankruptcy, please schedule a free consultation by calling us at (805) 642-6405.

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