Chapter 7 Bankruptcy in Temecula

Chapter 7 – Most Common and Better Option

• An individual (or debtor) can only file for Chapter 7 once in an eight-year period.
• This option is best for those who have little or no property and have mostly credit card debt.
• Your monthly income must be at or below the median income in the state of California.
• Your disposable income for the next five years must be less than $6,000 or about $100 a month.
• Upon filing, an automatic stay will take effect which prevents any further collection actions against you.
• The individual will turn over all of his or her non-exempt property to a bankruptcy trustee.  The trustee will liquidate the property and pay off the creditors with the proceeds.
• In exchange, most of the debt will be erased, unless he or she is guilty of concealing some financial records.
• Debts such as spousal and/or child support, student loans and taxes will not be discharged.
• Property such as clothes, an older car and household items do not have to be liquidated.
• Your house or car, which is property that secures a debt, can still be repossessed.

Only a Temecula bankruptcy attorney can advise you on whether you qualify for Chapter 7 bankruptcy during a detailed review of your situation.

Do not be afraid. We can help. Our Chapter 7 bankruptcy attorneys deal with clients just like you everyday. With our experience it is highly unlikely that we haven't dealt with a case similar to yours and that is why we know we can help you. Past mistakes do not need to haunt you for the future. Get the relief and help that filing for chapter 7 bankruptcy can bring. Call us today.

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Our Temecula Bankruptcy Lawyers will help you make the best decision for you.