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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

bulletYou can eliminate all or most of your outstanding consumer debt.
bulletYou can slow down or stop a foreclosure.
bulletYou can stop a wage garnishment.
bulletYou can stop harassing calls from creditors.
bulletYou can be done quickly and efficiently - often discharging in approximately three months
bulletYour credit is likely to improve very quickly after discharge.

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

bulletDo you have credit card debt of at least $20,000 (or less, depending on your income level)?
bulletHave you lost a job or had a reduction in your pay?
bulletDo you have medical debt?
bulletAre you getting divorced and now have more bills with less income?
bulletDo you spend more each month just paying the credit cards than you do putting money in savings or putting money in your retirement account? 
bulletHave you cancelled or neglected to buy things such as health insurance, disability insurance, or life insurance because you are paying on credit cards?
bulletAre you thinking of taking money out of your 401K or retirement account to pay credit cards or medical debt?
bulletHave you already emptied your retirement account and have no means to pay your creditors?
bulletDid you try debt consolidation and it didn't work?

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

(707) 540-6199
(707) 540-6434
829 Sonoma Ave., Suite 8, Santa Rosa, CA  95404
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829 Sonoma Ave., Suite 8
Santa Rosa, CA  95404

Copyright 2010-2016 Hendrickson Law Group, PC. The information contained on this website is provided for informational purposes only. Therefore, any information on this website should not be construed as legal advice. You should not act or rely upon this information without seeking formal professional counsel specific to your case. Any offer to provide free consultation is not intended to create an attorney-client relationship between Jennifer Hendrickson, Attorney at Law, and you. Also, any transmission of information from this website or communication via e-mail does not constitute or create an attorney-client relationship between us and any recipients. All liability is expressly disclaimed with respect to actions taken or not taken based on any or all the contents of this website. To the extent this is considered attorney advertising, as that term is defined in the Business & Professions code, a copy of this advertisement is available for review with the responsible attorney, Jennifer Hendrickson. We may be considered a Debt Relief Agency under Bankruptcy Code section 528.