Chapter 7 bankruptcy may be your fastest way out of debt. Within only a few months, you may be able to see most or all of your debts discharged, leaving you free to move forward in your life free from the burden of owing more than you can afford to pay back. Some people who are looking for effective debt relief strategies will avoid Chapter 7, since it involves the appointment of bankruptcy trustee who will attempt to sell the assets of the petitioner.
For this reason, Chapter 7 is something referred to as “liquidation bankruptcy”. You should not, however, let this fact prevent you from pressing this powerful form of legal protection. Thanks to the many state and federal exemptions, it is almost always possible to remove most or all of one’s assets from the reach of the trustee. The vast majority of Chapter 7 bankruptcies are “no-asset cases”.
Another reason that many people do not seek to file under Chapter 7 has to do with the changes that were made to this aspect of the U.S. Bankruptcy code with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This law imposes tighter restrictions on the qualification for Chapter 7, and as a result many people now believe that it is all but impossible to file under Chapter 7 unless one is utterly destitute.
If your income is above the state median, you will not be required to pass a means test before you can proceed with a Chapter 7 petition. Fortunately, our knowledgeable bankruptcy lawyer can help you take advantage of certain allowances that may enable you to pass the test even if it would not initially be able to meet this qualification. Many people who attempt to file for Chapter 7 on their own discretion, fail to take advantage of these allowances and are consequently forced to file under Chapter 13 instead. Are you trying to find out if you qualify for Chapter 7 bankruptcy?
Call Law Mart today at (310) 894-6440 to connect to an experienced bankruptcy lawyer today.
As mentioned above, a Chapter 7 case can normally be wrapped up in a matter of months, rather than the 3-5 years period required by Chapter 13. You do not, however, have to wait even that long before you can begin enjoying the considerable benefits of bankruptcy. As soon as you file your petition, the bankruptcy court will issue an automatic stay against further creditors action.
The automatic stay is an injunction that can stop wage garnishment and repossession, and it can even serve to halt a foreclosure. From this point onward, we can assist you with every aspect of your case. Our experienced bankruptcy attorneys can defend our clients’ assets from liquidation, to ensure that all eligible debts are discharged, and to expedite the process as much as possible.
Call us to connect to a Bankruptcy Attorney today at (310) 894-6440. Your consultation is FREE.
If you are in need of an attorney to help you get appropriate compensation and medical care you deserve, you should contact an attorney today. Our experienced lawyers will help you find the solutions you need for your legal issues.
If you have any questions about the information provided above, please contact Law Mart.
Law Mart is a Lawyer Referral that can provide you with a Chapter 7 Attorney. If you do have any questions about a texting attorney area please contact us for a free Lawyer Referral.
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