As the economy continues in its slowdown, the number of people filing for Chapter 7 bankruptcy is increasing. People who never envisioned being in difficult financial trouble are now choosing bankruptcy as a path out of debt.
Debt Relief Through Chapter 7 Bankruptcy
At the Law Office of Jacqueline Y. Blade, our experienced Chapter 7 attorney can help you get the fresh financial start you need by filing for Chapter 7 bankruptcy. A Chapter 7 bankruptcy will give you the opportunity to discharge unsecured debt, which includes credit card debt, medical bills, loans, judgments and with some restrictions - old taxes.
Giving You the Information You Need
Many people have been told by others that they will not qualify for a Chapter 7 bankruptcy because they have too many assets or too high of an income. Our lawyer will assess your financial situation to determine whether you pass the "means test" (determine if your income is below the median income in your state for your household size), and help you decide which chapter is the best course for your situation. There are at least five different types of bankruptcy chapters, including Chapter 7 and Chapter 13. In order to file for Chapter 7 bankruptcy protection, you are required to pass the Means Test, obtain credit counseling and complete a debtor education course.
The majority of our clients do qualify. In any case, we give you the information you need to make an informed decision about which type is best in your situation.
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Exempt Property (Keep your personal belongings, home & car):
Many people avoid bankruptcy because they fear their house or their car will be taken away and sold. In order to get a "fresh start" the bankruptcy code allows a debtor to exempt basic assets (furniture, furnishings, clothing, jewelry and a vehicle). When initiating the case the debtor claims property as exempt in the schedules that are filed with the court. Non-exempt property can be liquidated by the Trustee and paid to creditors. In most cases, no objections are filed to the exemptions and they become final 30 days after the Meeting of Creditors.
Bankruptcy Stops All Actions to Collect Debt
Chapter 7 can also stop creditor harassment. As soon as you file for bankruptcy, all actions to collect debt from you must immediately cease. Creditors are no longer permitted take any legal action against you. They cannot call you, write to you, asses interest, garnish your wages, enforce a judgment, or report your account to the credit bureau. They cannot take any legal action against you. This allows you the breathing space to chart a course of action to get out of debt and back to financial stability.
Timing of Bankruptcy
If you are in debt and considering a chapter 7, it is critical for you to speak to an attorney about the best time to file for a Chapter 7 bankruptcy. For example, the Bankruptcy Code looks back to your income in the 6 months immediately prior to filing. If you had earnings above the median income during that time you may not be eligible. However, if you recently lost your job and have no income, waiting a few more weeks or months could give you the time you need to become eligible.
If your wages are being garnished, your house is in foreclosure, or you have been served with a lawsuit you may need to file the day you are eligible. The solution is determining exactly how long you must wait before filing to make certain that you are eligible. You would need to wait long enough so that your average income over the past six months is at or below the median income in your state for your household size.
Timing your Chapter 7 case to begin so that you are eligible will make an important difference in receiving or not receiving your discharge.
Contact Us for Answers and Guidance: Debt Relief Lawyer Ventura, California
To learn more about how our Chapter 7 bankruptcy lawyer in Westlake Village can assist you in resolving your specific legal concern, please call our law office at 805-496-2311 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.