Chapter 7 Bankruptcy Attorney Los Alamitos
Chapter 7 Bankruptcy Attorney in California
Chapter 7 bankruptcy is the most common form of bankruptcy followed in the United States. It is used by individuals and businesses alike who are in trouble with their debts and need relief. It is the legal status of someone that cannot pay back their debt. If a bankruptcy application is accepted, then the legal status is given in the form of a court order. This helps this person or business in California to avoid debt collectors and allow third parties to ensure that certain amounts of debt are paid back to them.
Specifics to Chapter 7 Bankruptcy
Any non-exempt assets that have to be liquidated has to be conducted. With Chapter 7 bankruptcy, you can keep certain assets including a house, car and other things for basic living. Proceeds earned from these assets are put toward paying off one’s debt.
Filing for Chapter 7 Bankruptcy
The first thing that must be done to prepare for filing for Chapter 7 is to gather your financial records including credit card and bank statements. You will need to make sure you have this necessary proof for our Chapter 7 bankruptcy lawyer. A means test calculation must be passed to decide whether you can afford to pay your debt or not.
Benefits of Chapter 7 Bankruptcy
One of the biggest advantages is that Chapter 7 doesn’t involve a lot of paperwork. This means that you don’t have to worry about paying back these unsecured debts. Unsecured debts include credit cards, medical debts, and personal loans. Anything that you earn after you declare bankruptcy is not part of the estate.
Call to Schedule a Free Consultation with a California Chapter 7 Bankruptcy Attorney Today
If you are having financial problems and are considering bankruptcy, call to schedule a free consultation with a California Chapter 7 bankruptcy lawyer today. The legal professionals at the Law Office of Kerry P. O’Brien of California will be your legal advocates and can use our experience and knowledge to effectively deal with the necessary paperwork involved with bankruptcy. We serve the cities of Los Alamitos, Long Beach, Lakewood, Huntington Beach, Seal Beach, Garden Grove, Westminster and Anaheim. Stop by our website at kerryobrienlaw.com or call us at 866-983-0747 and let us give you legal guidance you can trust.