Oakland Chapter 7 Bankruptcy Attorney
Contact us at (408) 465-4472 for Free Consultation!
At The Fuller Law Firm, PC, our bankruptcy attorney serving Oakland 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 for effective representation through your Chapter 7 filing. Our services are available in Spanish, Cantonese, Mandarin, and Persian.
California Chapter 7 Exemptions
Chapter 7 is the "complete" version of bankruptcy that liquidates the filer's assets to pay off their debts. For individuals who are filing for bankruptcy in the state of California, the court will appoint them a trustee who has the responsibility to liquidate the debtor's asset and repay creditors.
Many assets, however, are exempt from liquidation. Small assets, such as furniture, have minimal to no liquidation value and can be kept. Larger assets, such as a vehicle or home, are counted as collateral for a loan and will therefore have no value to the trustee. The debtor gets to keep assets that are considered exempt.
Is Chapter 7 Right for Me? Am I Eligible?
Chapter 7 may be right for you if you mainly have consumer loans and minimal assets. This form of bankruptcy is limited, however. If you are a high-income individual, you may not be eligible. Eligibility is determined by taking the 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 8 years or through Chapter 13 within the last 6 years, your Chapter 7 petition will not be accepted.
What Is the Means Test?
The means test is what helps determine whether you are eligible for filing Chapter 7. It calculates if you have enough disposable income to pay back your debts. It takes into account your income, expenses, and the size of your family.
There are two parts to the test:
- Checking if your household income is below California's median income.
- Confirming if your disposable income after allowable expenses can be put toward paying off your debt.
The test is based on the last 6 months of your financial history. Gather as much documentation as possible so our bankruptcy attorney can help determine your eligibility. Bank statements, payroll records, rent payments, grocery receipts, medical costs, etc. are crucial!
How Does Chapter 7 Work?
Once our lawyers determine that you are eligible, we can help you with the filing process. Below is an overview of how it will go.
- Complete a mandatory credit counseling course within 6 months before filing.
- Our bankruptcy attorney can file the petition for you, ensuring all your paperwork is complete.
- An automatic stay will be immediately effective, halting contact from creditors, collectors; wage garnishments; foreclosure; and repossession.
- Attend the meeting of creditors.
- Complete a financial management course.
- The bankruptcy court will issue a discharge of your debt.
Start a Free Consultation With a Chapter 7 Attorney in Oakland
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.
Call (408) 465-4472 for a free initial consultation with Oakland Chapter 7 lawyers at The Fuller Law Firm. We are ready to help you overcome debt! Call us today.
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