Stockton, California Lawyers Assisting with Chapter 7 Bankruptcy
In today's economy, prices are high and wages are low. There isn't enough money to go around. Charging to your credit card is only a temporary fix. With bills adding up and no way to pay them, filing for Chapter 7 bankruptcy may be the best answer to your problems.
At the law offices of Scott and Nichols, in Stockton, California, we take the time to discuss your financial situation and sort out your options for debt relief. With more than 60 years of combined experience, attorneys W. Stephen Scott and Kenneth Nichols have the knowledge and skill to help you find a way out of your financial crisis.
Contact us to discuss your options for filing personal bankruptcy. We offer a free consultation and a commitment to quality personal service.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as liquidation, involves selling your non-exempt assets to pay your creditors. Many people worry they will lose everything. This is not the case. A majority of your possessions will be considered exempt, meaning your debts will be discharged without the loss of property.
We can help you determine if Chapter 7 bankruptcy is the right option for you. We can also help you to protect your assets from repossession.
Are All Debts Eliminated After Filing for Chapter 7?
Although a majority of your debts, including credit card debt, will be discharged after filing Chapter 7 bankruptcy, some will remain. You will still be held accountable for debts, including student loans, child or spousal support and taxes.
Am I Eligible to File for Chapter 7?
In the past, almost anyone could file for Chapter 7. In October 2005, the bankruptcy code changed. Eligibility is now based on established household income standards. If you choose to file, you will be subject to a means test, determining your eligibility.
If you are not eligible to file for Chapter 7, you may be able to pursue Chapter 13 bankruptcy. A Chapter 13 bankruptcy is often a feasible option if you are facing foreclosure and wish to keep your home.
