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Filing for Chapter 7? Work With Us Today.

Chapter 7 Bankruptcy

Filing in Rancho Cucamonga

At Atlantis Law, the team has been able to assist countless individuals in achieving their financial goals. By retaining the firm's team, you can begin the bankruptcy process and work toward a financially free future. Chapter 7 bankruptcy is also known as liquidation bankruptcy and provides relief to individuals facing extreme debt. In Chapter 7 bankruptcy, all non-exempt assets may be sold to pay off unsecured debts. Unsecured debts can include mortgages, auto loans, credit card debt and medical bills. You may choose to retain some debt, such as auto loans and mortgages, in order to keep your property but choosing to retain this debt is completely up to you, and you may need the advice of your attorney.

Chapter 7 bankruptcy is reserved for individuals who are no longer able to make even minimum payments on their balances in order to become debt-free. It is usually reserved for individuals who can meet all the qualifications for bankruptcy in a Chapter 7 means test. When you work with an attorney from Atlantis Law, they will ask you to provide basic information and documentation proving your financial hardships and will require you to take a means test. This test is used to determine your current monthly income that you receive. If your income is below the median for the household size and state that you live in, you may be determined eligible to file a Chapter 7 bankruptcy. If you do not pass the means test however, you can still file under Chapter 13.

Benefits of Filing for Liquidation Bankruptcy

In a liquidation bankruptcy, all items that may be considered as non-exempt, such as boats and vacation homes, will be sold to pay back a debt. This form of liquidating assets will give the honest debtor a fresh start on financial freedom. The moment you file, all harassing creditor calls and collection attempts will cease and the foreclosure process will have an immediate hold placed on it. Within four weeks of filing, you and your attorney will attend a meeting of creditors, which is a very informal meeting that helps the creditors approve your bankruptcy. Approximately 60 to 90 days after filing, a discharge order will be received from the court officially eliminating all dischargeable debts named in your bankruptcy petition. After this order is received, you can begin to move forward with your life and rebuild your credit.

Which Debts Are Eligible for Chapter 7 Discharge?

When you file for a chapter 7 bankruptcy, you are looking for that "fresh start," free from the debt that you have accumulated. So, how do you know which debts will actually be included and discharged in your bankruptcy?

A discharge of your debt releases you from being personally liable for that debt. It also stops that creditor from taking any kind of collection action from you. That creditor can no longer contact you and try to make you pay back the money you owe. After your debt is discharged, legally, you are no longer required to pay back that debt.

Now, what kinds of debts are able to be discharged in a chapter 7 bankruptcy? For most individuals, the majority of your debts will be discharged in chapter 7. Once your case is filed, all debts that you owed or incurred BEFORE the filing of your case are eligible to be discharged. The following is a list of common debts that will be discharged in a bankruptcy, absent any extraordinary circumstances:

  • credit cards
  • store cards
  • collection agency accounts
  • medical bills
  • personal loans
  • signatory loans
  • old utility bills
  • old cell phone bills
  • back rent
  • income taxes (if the owed taxes meet certain criteria)
  • repossession deficiencies
  • civil court judgments
  • unemployment overpayments

When you file your case, your official discharge will be entered about 3-3.5 months after your filing date. This is when you are legally not liable for those debts. To be certain which debts can be discharged, please contact a bankruptcy attorney.

Call a Rancho Cucamonga Chapter 7 Lawyer Today

Atlantis Law has an extremely successful track record, and every Chapter 7 case that has been submitted by their team has gone through successfully. When you work with Atlantis Law, the team will work hard to help you determine if Chapter 7 bankruptcy is right for you and help you understand the benefits that may come from filing. The moment you are considering bankruptcy or if you have been constantly harassed by creditors for payments, you need to contact a Rancho Cucamonga bankruptcy attorney right away. Atlantis Law's ultimate goal is help you through personalized service and work with you to obtain a positive outcome for your bankruptcy case. If you have questions or concerns, go ahead and give the team a call.

Contact the firm by completing a free case evaluation form or by phoning them directly. You deserve to work with an understanding legal team! You deserve to work with Atlantis Law.

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