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 the effective representation through your Chapter 7 filing.
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.
Chapter 7 may be right for you if you mainly have consumer loans and assets that are minimal. 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.
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.