At The Fuller Law Firm, PC, our bankruptcy attorney has helped many clients become debt free. If you are considering Chapter 7 bankruptcy in pursuit of financial freedom, you can benefit from the legal guidance we offer. Contact our firm to receive the effective representation that you deserve through your Chapter 7 filing.
Chapter 7 is the "complete" version of bankruptcy that liquidates certain assets of the debtor to pay debts. For individuals who are filing for bankruptcy in the state of California, the court will appoint a trustee who has the responsibility to manage the liquidation process.
Many assets, however, are exempt from liquidation. Small assets, such as furniture, clothing, and most personal belongings, have minimal to no liquidation value and can be kept. Larger assets, such as a vehicle or home, may be collateral for a loan and will, therefore, have no value to the trustee. Furthermore, the debtor is entitled to keep assets that are legally exempt.
Chapter 7 may be right for you if you mainly have consumer loans and assets that are minimal. However, chapter 7 relief may not be available to certain high-income individuals. Eligibility is determined by a rather complicated means test.
There are also limits on how frequently a debtor can file for Chapter 7. If you have received a discharge through Chapter 7 within the last eight years or through Chapter 13 within the last six years, you will not be entitled to a discharge in a new Chapter 7 petition.
If you are still not sure whether Chapter 7 is right for you or if you need legal guidance through your case, schedule a free case evaluation with our firm. We are prepared to help Oakland residents handle their complex cases.