Chapter 7 bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate (convert to cash) your
non-exempt assets to pay part of the your outstanding bills. The term liquidation is rather misleading, since most people
who file for Chapter 7 bankruptcy do not have any non-exempt assets. So, there is no actual liquidation.
- STOP: Foreclosures, Repossessions, Garnishments, Bank Levies & Creditors' Calls
Chapter 7 bankruptcy cases move relatively quickly, and you may receive your discharge in just a few months. A discharge
will eliminate unsecured debts like credit card debt, medical bills, most personal loans, judgments resulting from car accidents,
deficiencies on repossessed vehicles, some older tax debts, payday loans, and garnishments. Certain debts are classified "non-dischargeable" and
cannot be discharged, or can only be discharged under very specific circumstances. These include child support, most student
loans, and some tax debts.
- KEEP YOU HOME, CARS & OTHER PROPERTY!
Before getting your Chapter 7 bankruptcy discharge, you will have to pass a Chapter
7 bankruptcy means test. Although there was a lot of media hype about the means test disqualifying people
from filing Chapter 7 bankruptcy when it was introduced in 2005, the truth is that more than
96% of potential Chapter 7 petitioners still qualify nationally. In my practice, I have found that number is even
higher in the Central Valley of California, Kern County and Bakersfield. So if you have considered
bankruptcy as an option to solve your financial problems, call my office to set up an appointment
for a free bankruptcy consultation. The new bankruptcy law has made filing for bankruptcy more complicated,
but if you do things properly, you may still get rid of your debt and keep your property. An experienced bankruptcy
practitioner can help you navigate the more complex bankruptcy system, and get your debts
discharged in bankruptcy. In the unlikely event that you are one of those few
who do not, you may still file under Chapter 13 bankruptcy.
- ELIMINATE CREDIT CARD DEBT, ELIMINATE TAX LIENS & LEVIES, ELIMINATE MEDICAL BILLS, ELIMINATE