Oakland Chapter 7 Bankruptcy Attorney
What is Chapter 7 Bankruptcy in California?
Chapter 7 bankruptcy is commonly referred to as "liquidation bankruptcy" because the debtor gets debt discharged (or cleared) in exchange for having his or her non-exempt assets (or unprotected assets) liquidated. In this process, the bankruptcy trustee sells off those non-exempt assets and uses the profit from the sales to pay back creditors. In the majority of Chapter 7 cases, debtors have little or no nonexempt assets that become subject to liquidation. Debtors who complete Chapter 7 bankruptcy are often able to get a great portion (if not all) of their debt discharged.
It is not our job to judge your current situation. No case is too complex for our Oakland bankruptcy lawyers and we believe that there will always be a real solution available to your predicament. We would be happy to help you find the right answers that you are looking for.
At The Kostopoulos Bankruptcy Law, our legal team is dedicated to helping debtors find viable solutions for their debt problems. Our Oakland bankruptcy attorneys can help you determine if Chapter 7 bankruptcy is a viable option for you, and if not, we can help you decide if a Chapter 13 would be more suitable.
Learn more about our outstanding legal team by reading about our attorneys! If you prefer to speak with us directly, call our offices at (877) 969-7482.
Which Debts are Discharged in Chapter 7?
Chapter 7 bankruptcy eliminates most of your debt. Filing for a Chapter 7 will allow a debtor to discharge unsecured debts, such as:
- Medical bills
- Personal loans
- Credit card debt
- Auto repossession
- Past-due utility bills
What Debts Cannot be Discharged in Chapter 7?
The types of debt that cannot be discharged in a Chapter 7 include the following:
- Spousal support or alimony
- Child support
- Certain taxes
- Court ordered fines
- Victim restitution
- Debts for willful or malicious injuries
- Debts for most government funded educational loans
- Debts for personal injury having to do with DUI accidents
- Debts for certain condominium or cooperative housing fees
Who Is Eligible to File for Chapter 7?
Chapter 7 bankruptcy is limited to debtors who can show that they truly have an inability to repay their debt. This is demonstrated by their ability to pass the means test, which uses a formula that factors in the debtor's disposable income and debt level. If a debtor does not pass the means test, that individual will only have the option of filing for Chapter 13 bankruptcy, if the individual is eligible for that form of debt relief.
Shed Your Debt with The Kostopoulos Bankruptcy Law
Under a Chapter 7 bankruptcy discharge, a debtor is no longer under personal liability for a debt. Upon filing for bankruptcy protection, an automatic stay will be put into effect. This is an order that permanently prohibits creditors from attempting to collect discharged debts!
Our Oakland Chapter 7 bankruptcy lawyers can help with:
- Putting a stop to creditor harassment
- Putting a stop to telephone calls, letters, or other forms of communication
- Putting a stop to wage garnishment
- Putting a stop to foreclosure
- Preventing or putting a stop to repossessions
Is Chapter 7 Bankruptcy Right for Me?
Chapter 7 bankruptcy can serve as a powerful tool for getting debt discharged and for paving the way for a healthier financial future. However, it is important to note that this type of bankruptcy might not be the right solution for everyone. While there are many benefits to Chapter 7 bankruptcy, there are also many risks that need to be considered.
Here are some of the questions you should get answered before you decide whether or not to file for Chapter 7 bankruptcy:
- Do you pass the means test?
- What are your exempt and non-exempt assets under California bankruptcy law? (Or, which of your assets could potentially be liquidated if you file for bankruptcy?)
- Are you willing to lose your non-exempt property if liquidation of these assets is required?
- Do you have any creditors who would have a strong case for getting your automatic stay lifted (or removed)?
- Even if you qualify for Chapter 7, would Chapter 13 bankruptcy be more beneficial in your particular case?
It is vital that you seek counsel from a qualified attorney before you begin the process of filing for Chapter 7 bankruptcy protection to better understand whether it is the right option for you.
Request Your FREE Bankruptcy Evaluation – Call (877) 969-7482
No matter what your circumstances are, our lawyers are here to give you the answers you need to take swift and effective action. We never treat you as just another case number or file. We take the time to listen to all of your concerns, questions, or anxieties. From there, we tailor our approach to reach a completely customized solution that can help bring the best possible outcome to your unique situation.
Just a few reasons why we should be your first call:
- Attorney Rita Kostopoulos is a Board Certified Consumer Bankruptcy Specialist by the American Board of Certification.
- The Kostopoulos Bankruptcy Law was selected as one of the Top 100 Firms by the Debt Education and Certification Foundation (DECAF).
- We have helped thousands of clients reach debt-free living through bankruptcy and other debt relief alternatives.
- We use nearly 100 years of collective legal experience to reach long-term debt relief solutions rather than temporary or quick fixes.
- We are fluent in various languages, including English, Spanish, Portuguese, French, Korean, Arabic, Mandarin, and Greek.
At our firm, The Kostopoulos Bankruptcy Law, we have bankruptcy attorneys who can help you make an informed decision about how to proceed with your bankruptcy filing. We can further explain how Chapter 7 bankruptcy works, help you take the means test and assist you in properly weighing the pros and cons of this type of bankruptcy. Make sure you get the legal guidance you need.