Huntington Beach, CA, Chapter 7 Bankruptcy Lawyer
If you or a loved one is going through a tough financial situation, our Huntington Beach Chapter 7 bankruptcy attorneys can help. We understand how hard dealing with financial difficulties can be. That is why we dedicate ourselves to offering nothing but high-quality bankruptcy services to all of our clients.
To speak with a professional about your specific situation and how bankruptcy can help, call The Bankruptcy Group today at 888-710-4334.
Know When To File For Chapter 7
Bankruptcy is a process that is designed to help people manage an excessive amount of debt. However, bankruptcy may not be for everyone. Certain debtors may or may not qualify to enjoy the advantages bankruptcy can provide. Whether you are eligible for a Chapter 7 filing will depend on your specific circumstances.
Deciding to file for bankruptcy requires careful consideration and planning. Furthermore, it requires you to exercise caution in determining whether Chapter 7 is appropriate. Before deciding to file, you should consider how it might help to solve your current financial situation. That is, you must figure out whether Chapter 7 will provide you with the necessary tools to create a new financial beginning. If you don’t have many assets and your income is low, you may want to consider filing for Chapter 7 bankruptcy.
Additionally, if you have a huge amount of unsecured debt, such as credit card debt, you may want to consider Chapter 7, as it can give you the opportunity to wipe away most or all of this kind of debt.
Qualifying For Chapter 7 Bankruptcy
Before you can get started with your bankruptcy process, you need to first qualify as specified by law. One of the main requirements set forth by Chapter 7 is meeting the requirements of the means test. The means test is designed to determine whether you have enough income to pay off your debt. Generally, this test will compare your income with the state’s median income. If your income is lower than your state’s median, you can qualify and continue with your bankruptcy process. However, if your income surpasses this benchmark, you will not qualify for Chapter 7 and may need to file for another type of bankruptcy, such as Chapter 13.
Another thing to consider when qualifying for Chapter 7 is identifying whether you had a recent bankruptcy process dismissal. For instance, if you failed to comply with a court-issued order during a previous bankruptcy or committed fraud and had your case dismissed, you may be barred from filing for Chapter 7.
Another essential requirement to qualify for Chapter 7 is going through credit counseling. Credit counseling is a process through which a debtor learns how to handle debt and plan their finances before filing for bankruptcy. The debtor(s) must receive credit counseling from a government-approved agency dedicated to offering credit counseling services. Once you have met these requirements, you may be qualified for Chapter 7 bankruptcy.
The Loss Of Assets Under Chapter 7 Bankruptcy
One of many of debtor’s primary concerns when it comes to filing for bankruptcy is the potential loss of important or valuable assets, such as a home or car, mostly due to the myth that filing for bankruptcy means losing all your property. Despite what people may believe, and contrary to these fears, bankruptcy can help not only with debt management, but it can also help you protect your home, vehicle and other assets. There are other specific assets that can be protected through California’s bankruptcy exemptions as well.
Additionally, when you file for bankruptcy, you will obtain the protection of what is known as the “automatic stay.” The automatic stay has two main benefits: it can protect your home from foreclosure, and it can stop your creditors from performing collection actions against you. It is essential to consider that even when the automatic stay can help protect you against your creditors, not all debt is protected under the automatic stay’s umbrella. Debts such as alimony, restitution and child support are not covered under this legal provision.
If you file for Chapter 7, you likely will not lose your home or car, and a court-appointed trustee will sell only the property that is not exempt under California law. Our Huntington Beach, California, bankruptcy lawyers can help you understand how Chapter 7 works and how it can help you get rid of your debt.
Huntington Beach, CA, Chapter 7 Bankruptcy Attorneys Offering Free Consultations
Don’t let a financial setback dictate your future. Bankruptcy can provide you with the tools to get rid of your debt while providing you with a new financial start. If you or a loved one is considering filing for bankruptcy, let our Huntington Beach, California, Chapter 7 bankruptcy attorneys put their knowledge, skill and experience to work for you. To discuss your case in a free, confidential consultation with one of our attorneys, call The Bankruptcy Group today at 888-710-4334.