Chapter 7 Bankruptcy gives you a fresh start by eliminating those debts you cannot afford to pay while allowing you to keep all of your property. Once these debts are wiped out in Chapter 7, you will never have to pay them.
In general a Chapter 7 Bankruptcy will WIPE OUT MOST OF YOUR DEBTS, STOP WAGE GARNISHMENTS, STOP REPOSSESSIONS, STOP HARASSMENT and allow you to control your financial future. Take the first step to financial freedom – CALL The Law Offices of Richard L. Leeds at (818) 654-1900. Our friendly staff will be happy to answer general questions about Bankruptcy or set up your FREE – no obligation – 30 minute consultation with the Attorney.
Stops Creditor Harassment
Once you have filed for protection under the bankruptcy laws, your creditors are required by law to stop all collection activity against you. No more telephone calls demanding payment, no lawsuits, no wage garnishments and best of all, no more debts.
You Do Not Lose Any of Your Property
In 99% of the Chapter 7 cases, the person filing Bankruptcy keeps all of their property. Bankruptcy law is not meant to punish you and allows you to keep your property under what are called “exemptions” (things you get to keep). You keep your car, your house, your jewelry, the boat, your clothing, just about everything!(there are a few very specific exceptions)
Your Bankruptcy Case
A Bankruptcy case is like a lawsuit to get rid of your debts. Once it is filed, your Bankruptcy case will last approximately 4 months. During that time period, the only thing you will need to do is attend one court hearing, approximately 30 days after the case is filed. Our office will explain what happens at that hearing and prepare you for your appearance and examination in court.
If there is any single qualifying factor for filing Chapter 7 Bankruptcy, it is that all of someone’s income is spent on their monthly expenses. As you can imagine, for most people this is not a problem.
Types of Debt
Unsecured debts, such as credit card debt, personal loans, money judgments and certain taxes are wiped out in a Chapter 7. However, certain debts are not dischargeable under Chapter 7 Bankruptcy; these debts include, but are not limited to, most student loans, certain taxes, alimony and child or other court ordered support payments.
This is only an overview; please call us at (818) 654-1900 for a free consultation to have all your questions answered.