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CHAPTER 7 BANKRUPTCY ATTORNEY
Find a Fresh Financial Start in Southern California
If you are struggling to pay your bills, you may be wondering if filing for bankruptcy is the right option for you. While bankruptcy has a negative stigma, it is not a bad thing, and it is not something that should be avoided. In fact, filing for bankruptcy can be the best thing for you and your family.
At The Law Offices of Oscar R. Swinton, we help individuals throughout Southern California file for Chapter 7 bankruptcy to help them get out of debt and regain control of their finances. We have helped thousands of clients across San Fernando Valley secure debt relief, end creditor harassment, and gain a fresh financial future.
Contact us today to schedule your free initial consultation with our Woodland Hills Chapter 7 bankruptcy lawyer. We offer flexible payment plans for your convenience. Also serving clients in San Fernando Valley, Bakersfield, Simi Valley, Ventura, Santa Clarita, & Palmdale!
WHAT IS CHAPTER 7 BANKRUPTCY?
Chapter 7, also known as liquidation bankruptcy, is a common form of bankruptcy that allows individuals to eliminate unsecured debt, or debts that are not backed by collateral, such as a car loan, a personal loan, or a credit card. If you file for Chapter 7, you can eliminate your unsecured debt through a process called debt discharge, yet retain your secured car loan through a process called reaffirmation.
Debt discharge means that you will no longer be responsible for paying back any unsecured debt. This can be a huge relief for those who are struggling to make payments. If you file for Chapter 7 bankruptcy, you can eliminate your unsecured debt, including, but not limited to:
Credit card debt
Personal loans
Judgment Liens
Medical bills
Utility bills
What Is Debt Discharge?
Debt discharge is the process of eliminating your unsecured debt. When you file for Chapter 7 bankruptcy, the court will appoint a bankruptcy trustee to oversee your case. The trustee will be responsible for managing your estate, which includes all of your property except for your primary residence. The trustee will sell any property you designate as non-exempt and use the proceeds to pay back your creditors.
You do not have to worry about losing your house, as it is protected from creditors. The rest of your unsecured debt will be discharged, which means that you will no longer be responsible for paying it back.
What Is the Means Test?
Before you can file for Chapter 7 bankruptcy, you will need to take the means test. This test determines if you qualify for Chapter 7. If you do not pass the means test, Chapter 13 may be a better option for your situation.
The means test compares your current income to the median income for your household size in California. If your current income is below the median income, you will pass the means test and be eligible to file for Chapter 7 bankruptcy. If your income exceeds the median, you will need to complete a repayment plan to reduce your current income to a level below the median. Once your income is at or below the median, you will be eligible to file for Chapter 7 bankruptcy.
How Can Chapter 7 Bankruptcy Help Me?
Chapter 7 is a great option for those seeking to eliminate unsecured debt. Chapter 7 bankruptcy also allows individuals to keep their property. In other forms of bankruptcy, you may lose your property as part of a foreclosure or repossession. However, you do not have to worry about that with Chapter 7 bankruptcy.
HOW CAN THE LAW OFFICES OF OSCAR R. SWINTON HELP YOU?
If you are considering filing for Chapter 7 bankruptcy, you may be worried about how it will affect your finances, losing your home, or negatively impacting your credit score. The Law Offices of Oscar R. Swinton can help you understand your rights and guide you through the bankruptcy process to get the debt relief you need.
Call to learn more about your rights and options. Schedule your free consultation with our Woodland Hills Chapter 7 bankruptcy lawyer today.
CONTACT US TODAY
At The Law Offices of Oscar R. Swinton, we're always ready to take your calls! Give us a call or fill out the form below to contact one of our team members.