Chapter 7 Bankruptcy
The main purpose of a Chapter 7 bankruptcy is to provide you with a "fresh start" from most of your debts. Some of the types of debts that may be eliminated in a Chapter 7 bankruptcy are:
•Credit Card Debts
•Medical Bills
•Personal Loans
•Deficiency Balance Owed on a Repossessed Vehicle
A prime candidate for a Chapter 7 bankruptcy is an individual who has little or no equity in real property (i.e. house/land) or personal property (i.e. vehicle), earns only enough income to pay for his/her necessary living expenses, and falls below the median income in California. When filing a chapter 7 bankruptcy, an individual who is financing a house and/or vehicle may keep their house and/or vehicle as long as he/she remain current on their monthly payments.
Call today at 818-986-5000 for your free consultation with a bankruptcy attorney to determine which chapter is right for you.
What you need to get started:
• Your paystubs for the last six months (if applicable)
• Your most recent creditor statements
• Your most recent bank statements from all financial institutions
• Your tax returns for the last two years
Chapter 7 bankruptcy