Santa Rosa Chapter 7 Bankruptcy
Chapter 7 is a liquidation of your debt. If you cannot afford to both meet your monthly living expenses and service your debt, then Chapter 7 may allow you to liquidate your debt. Under Chapter 7, you can completely liquidate your unsecured debt (with the exception of student loans).
Under Chapter 7, there is a "means test" you must pass in order to determine whether you qualify for this plan. If you do, then Chapter 7 can wipe out most of your consumer debt. There are some types of debt typically not excused under Chapter 7, including federally guaranteed student loans, court fines, parking tickets, tax debts, and outstanding family support obligations. There are exceptions when those debts may be dischargable. Call (707)540-6199 to set up an interview with a bankruptcy professional to determine whether you qualify.
Key Benefits of Chapter 7 Bankruptcy
Emergency Chapter 7 Bankruptcy Petition
On occasion, clients will require an immediate, emergency bankruptcy petition. If you have waited and find you need to file a bankruptcy to stop a foreclosure sale, or have a wage garnishment or bank account levy pending, you can put a stop to it, but you need to act right away. Don't wait to call and see if help is available. Weekends and evening appointments are available in these circumstances.
The Chapter 7 Process
You will need to meet with your attorney and go over your options. If you decide that Chapter 7 is right for you, you will need to do a few things to get your case filed. First, get together the information and documents your attorney needs to prepare your petition. Then, you will meet with your attorney to go over the petition and sign all the paperwork, and it can be filed with the court (usually in the attorney's office while you are there). About a month after filing your case, you will need to attend the 341 hearing, or as it is often called, the meeting of creditors. Although this sounds like you will be questioned by your creditors, it is actually rare that any creditors show up. Instead a more accurate description of the 341 hearing is that it is a trustee question and answer session. You will answer some standard questions under oath that the trustee will record. You need to be prepared to answer the trustee's questions truthfully and accurately. Although many clients get nervous about the meeting of creditors, for the typical bankruptcy client, this is nothing to worry about, and your attorney will be there with you to get you through it as quickly and painlessly as possible. After your meeting of creditors, all that remains is for the client to get their exit counseling completed prior to discharge, typically about 60 days after the meeting of creditors.
That's it. In fact, the hardest part about deciding to file bankruptcy is... well... deciding to file bankruptcy. This decision is usually the result of a fairly long, painful, emotional process. The decision is not an easy one. However, if you are barely making ends meet, you can't maintain an emergency fund in a savings account, or you have liquidated your retirement account, you should consider whether bankruptcy might be the right thing for you.
Warning Signs You May Need to Consider Chapter 7
If you fit any of these categories, or more than one of them, you should consider whether a bankruptcy would help get your financial life turned around.
Contact A Bankruptcy Attorney Now
Bankruptcy may not be advisable to you, depending on your debt level, financial circumstances, current assets and current income and income potential. Bankruptcy is designed to give you a financial fresh start. Jennifer Hendrickson will help you get the best results possible given your specific situation.
Law Offices of Jennifer Hendrickson
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