Knowing Your Different Bankruptcy Options Filing for bankruptcy is not as straightforward as anyone would think. There are a lot of things to consider, forms to fill out, and fees to pay. Before you file for anything, you should always get yourself a good bankruptcy lawyer in California who can…
California Bankruptcy – How Chapter 7 Can Help You Get A Fresh Start
If you are considering filing bankruptcy, the bankruptcy code provides two options. Chapter 7 and Chapter 13 both address filing for personal bankruptcy. Chapter 7, otherwise known as a liquidation bankruptcy allows the bankruptcy court to liquidate your assets to pay back your creditors.
Going through the Chapter 7 bankruptcy process allows you to achieve debt relief by wiping out almost all of your debts as soon as your bankruptcy trustee sells some of your personal property and uses the proceeds to pay off one creditor after another. In this article, we will discuss how a Chapter 7 bankruptcy filing helps an individual obtain debt relief. Talk to a Santa Rosa bankruptcy lawyer to guide you in this important financial decision.
Benefits of Filing Bankruptcy Chapter 7
Below are reasons why declaring bankruptcy under Chapter 7 are beneficial:
Bankruptcy protects you
An automatic stay is an injunction triggered by certain bankruptcy filings. Once it is in effect, debtors are protected from being hounded by creditors and other collection agencies. All attempts to collect the debt, from phone calls and letters to wage garnishment and mortgage liens, must be stopped. With the protection it offers, a debtor can get some rest from persistent debt collection efforts as well as a chance to think more clearly so he or she can work out her financial problems and plan for a better financial future.
Bankruptcy allows you to negotiate
When bankruptcy has been declared, you may find that your debt collector goes easy on you. Creditors are more willing to negotiate and strike a deal in the face of an impending bankruptcy discharge and the possibility of ending up with nothing. However, these negotiations can be tricky. As such, having an experienced bankruptcy attorney to handle it is a smart move.
Bankruptcy Helps Obtain Debt Relief
Bankruptcy proceedings are regulated by federal bankruptcy law. With Chapter 7 bankruptcy cases, unsecured debts are virtually eliminated. Unsecured debts are debts not backed by collateral. Credit card debts, utility bills, medical bills are the most common forms of unsecured debt.
Can a Bankruptcy Lawyer Help You?
You may DIY a bankruptcy filing and retaining a lawyer is not a requirement. However, bankruptcy filers often have much success with a competent bankruptcy attorney by their side. Your local bankruptcy lawyer can advise you on which bankruptcy chapter is applicable to your situation, guide you on your bankruptcy filing so that you will achieve a bankruptcy discharge and not a dismissal. A lawyer specializing in bankruptcy law can help a bankrupt client throughout the bankruptcy process. The following are just some of the reasons why getting the services of a bankruptcy lawyer in Santa Rosa is a wise move.
- It will be easier for you to understand the different bankruptcy options and how the means test works. As such, you can have a grasp of how the bankruptcy petition could turn out for you and which assets you will part with.
- Filling out the stack of bankruptcy forms, collecting the supporting documents will be effortless because your reliable Santa Rosa bankruptcy lawyer will be with you every step of the way as he or she guides you on how to file for bankruptcy properly.
- Your competent bankruptcy attorney will advise you on the different bankruptcy exemptions available to you so that you end up choosing which ones best suit your bankruptcy case.
- You can count on support and representation throughout your bankruptcy journey.
Considering a Chapter 7 Bankruptcy filing? Contact a Santa Rosa, CA Bankruptcy Attorney Today!
The bankruptcy procedure may be complicated for you to handle on your own. Consulting an expert is important for you to have the best outcome with your bankruptcy case. Contact our Santa Rosa bankruptcy attorney at the Embolden Law PC for a free consultation.Share This Post!
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