Chapter 7 Bankruptcy is also known as Liquidation, although the name “Liquidation” can be very misleading, with many clients thinking of it as a total as the total sale of all their assets.
The truth of the matter is, except you have valuable assets, you will scale through the bankruptcy with most of your belonging.
For your Chapter 7 bankruptcy case to be successful; you have to pass the California Bankruptcy Means Test.
For you to be able to file for Chapter 7 bankruptcy, your income must be below the California median for the size of your household.
Call LG Law firm to help you evaluate if you are qualified for chapter 7 bankruptcy.
In chapter 7 bankruptcy your non-exempted property will be sold, which will be facilitated by the bankruptcy trustee.
They (the trustee) will sell the properties and distribute the proceeds to your creditors.
In Chapter 7 bankruptcy law, the bankruptcy trustee will be responsible for all your non-exempt belonging.
Though, some debts cannot be discharged by Chapter 7 bankruptcy, like alimony, student’s loan, child support and so on.
In a typical case, the majority of debtors are cleared their debts using chapter 7 bankruptcy, mainly because the debtor owes a big credit card debts with few assets.
Our Los Angeles bankruptcy law office will help exempt as much as your property that can be legally exempted.
Chapter 7 bankruptcy can be resolved quickly, compare to chapter 13 which can take up to five years.
When you called, we will look at your financial stance, and we will determine the best course of action for you, either chapter 7 bankruptcy or other alternatives.