Chapter 7 Bankruptcy Lawyers in San Diego
When you file for Chapter 7 bankruptcy, you are taking a positive step toward restoring your financial independence. At Bankruptcy Law Center, we are committed to helping you through this often daunting process, empowering you to exercise your rights and become free of the debts that are weighing you down. Bankruptcy law center San Diego recognizes that the decision to file may be a source of concern for you, so the San Diego bankruptcy attorney demystifies the law and helps you find a viable solution to your financial challenges.
What is Chapter 7 Bankruptcy?
Chapter 7, sometimes called “straight bankruptcy,” is the most common form of bankruptcy in the United States. For most people, Chapter 7 bankruptcy eliminates all debts and allows you to keep your possessions and property. Chapter 7 bankruptcy typically results in the “discharge” of your debts about 3 months after you file a petition. Chapter 7 lawyer San Diego is here to help you.
As part of the process, we determine your eligibility to file (called the “means test”) and we show you how bankruptcy will change your life by discharging your debts. Your bankruptcy case will get rid of your personal liability on most all debts, including credit card debt, medical bills, utility bills, personal loans, lawsuits, mortgages, and underwater liens on the property. San Diego California Bankruptcy Lawyer is the most reviewed and voted best bankruptcy attorney.
What debts cannot be eliminated with Chapter 7 bankruptcy?
Of course, there are some limited types of debts that are not eliminated in a Chapter 7 bankruptcy. These are called “exceptions” to your discharge and they are spelled out in the law. These limited exceptions include alimony and child support, some types of tax debts, debts incurred dishonestly or that resulted from criminal penalties, and most government-insured student loans. These situations are rare, but at the BLC Law Center we have helped people deal with all types of situations and we have found relief from debts under many difficult circumstances.
What are some exemptions in Chapter 7 bankruptcy?
Chapter 7 bankruptcy also provides generous “exemptions” that allow most people to keep all of their property. These exemptions are very complex and specific so you need an expert to make sure you get the full and fair benefits in order that your property remains in your hands. Your goal is to keep all of your personal property, your vehicle, home furnishings, tools of your trade, reasonable amounts of cash, and very significant amounts of equity in your home. Seek chapter 7 attorney San Diego help to overcome such a painful situation.
The rules for exemptions also require, in many cases, some planning before you file a bankruptcy case in San Diego, so consulting with a bankruptcy lawyer in San Diego California will start the process that will answer all your questions about what happens to your property.
What Happens to Liens in Chapter 7 Bankruptcy?
Chapter 7 bankruptcy may even give you an opportunity to eliminate some liens from your home under conditions where your property is underwater. This process is commonly called “lien stripping” and bankruptcy attorney San Diego California is highly experienced at using the bankruptcy laws pro-actively improve your financial standing and protect your property.
Other than these situations, Chapter 7 bankruptcy will not generally eliminate liens on your property and these liens will pass through bankruptcy unaffected by the case. You won’t have personal liability for the debts underlying most all of these liens after bankruptcy, but the lien or mortgage holder will eventually be allowed to take back the liened property unless you pay the amounts legally due.
Filling bankruptcy is not something that is easy and you need expert advice to handle it. BLC Law Center is ready to provide you help, call 619-207-4579 and choose our professional and experienced lawyers for a proper filling of chapter 7 bankruptcy.