Chapter 7 Bankruptcy
We’ve helped hundreds of individuals in Roseville file for Chapter 7 bankruptcy. Individuals may file for Chapter 7 bankruptcy to eliminate their unsecured debts, such as credit card debt, medical bills, payday loans, and personal loans. One advantage of Chapter 7 bankruptcy is that the process usually only takes three to four months. To qualify for a Chapter 7 bankruptcy the individual must pass the “bankruptcy means test,” which determines whether there is enough disposable income, after reasonable expenses, to repay creditors.
While Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy, the individual is allowed to keep certain “exempt” property in a Chapter 7 bankruptcy. California has some of the most generous exemptions and protects many thousands of dollars worth of assets. The vast majority of our Roseville bankruptcy clients have kept all of their property. Most liens, however (such as real estate mortgages and security interests for car loans) survive. In order to keep those assets (e.g., house or car) serving as collateral for a loan, debtors must continue to make the loan payments. If your property isn’t protected by California’s generous exemption laws, your Chapter 7 bankruptcy trustee can sell it and use the money to pay creditors. It’s important to consult with an experienced Chapter 7 Roseville bankruptcy attorney to evaluate your situation and maximize the protections afforded under the applicable exemption statutes.
Contrary to popular belief, filing Chapter 7 bankruptcy can actually improve your credit relatively soon. Many of our Roseville bankruptcy clients have experienced remarkable improvement in their credit score in as little as a year after filing the Chapter 7 bankruptcy.
It’s important to contact a well-respected Chapter 7 Roseville bankruptcy attorney you can depend on. Seth would be happy to talk with you during a free consultation to discuss your bankruptcy options! Please complete the simple, secure form in the right column or call (916) 780-7005 and Attorney Hanson will schedule a meeting with you.