Vallejo Chapter 7 Bankruptcy Attorney
Putting Your Needs & Goals First
Are you afraid to answer your phone or open your mailbox? Creditors may be calling you non-stop, and you may be afraid to even look at your bank statements. If this is the case, you may be a good candidate for Chapter 7 bankruptcy. Compass Bankruptcy Law Group is here to help. Our Vallejo Chapter 7 bankruptcy lawyer can help you determine if this is the right debt relief solution for you. If it is, we will assist you with every step of the filing process to ensure that it goes as smoothly as possible.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal procedure that allows individuals and businesses to eliminate certain types of debt. It is often referred to as “liquidation” or “straight” bankruptcy. However, most people who file for Chapter 7 are able to keep their property and assets thanks to bankruptcy exemptions.
Get in touch with us today at (888) 850-0624. Our Chapter 7 bankruptcy lawyer in Vallejo is ready to help you get a fresh start based on your needs and goals.
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Compassionate SupportWe understand the emotional toll of financial difficulties and are dedicated to providing compassionate, empathetic support throughout your bankruptcy journey
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Proven Track RecordOur attorney's experience includes cases presented before the Supreme Court, highlighting our capability to handle complex and high-stakes legal matters.
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Board Certified RepresentationOur attorney is a board-certified specialist, ensuring you receive top-tier legal representation.
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Offering 100% Free ConsultsWe offer free consultations to ensure you get experienced advice without any financial burden upfront.
What Does Chapter 7 Bankruptcy Do?
Once the bankruptcy court has accepted your Chapter 7 bankruptcy filing, an automatic stay will go into effect. This will stop all collection attempts, including foreclosure and repossession. You will be able to keep all wages and property you earn or acquire after the bankruptcy filing. And, most importantly, you will be able to eliminate all unsecured debts, such as medical bills and credit card debt.
Chapter 7 is not for everyone. In order to qualify, you must pass a means test. This test is used to determine if you have enough disposable income to repay your debts. If you do not, you will be eligible to file for Chapter 7. If you do, you will have to file for Chapter 13 instead. Our Vallejo Chapter 7 bankruptcy lawyer can help you determine if you meet the eligibility requirements.
Chapter 7 bankruptcy can help you eliminate most unsecured debts. This includes:
- Medical bills
- Credit card debt
- Personal loans
- Utility bills
- Business debts
- And more
Secured debts cannot be discharged in Chapter 7 bankruptcy. However, you may be able to eliminate these debts by surrendering the property that is being used to secure the loan. For example, you could eliminate your auto loan debt by giving your car back to the lender. If you want to keep the property, you will be able to do so by continuing to make your loan payments.
Once your Chapter 7 bankruptcy has been discharged, you will no longer be legally obligated to repay any of the debts that have been discharged. You will be able to get a fresh start and begin rebuilding your credit. In fact, many people are able to qualify for new credit cards and car loans just a few years after their bankruptcy has been discharged.
What Is the Chapter 7 Bankruptcy Process in Vallejo?
If you are considering filing for Chapter 7 bankruptcy, our Vallejo bankruptcy attorney can help you navigate the process. We will be there to help you every step of the way.
The process begins with the following steps:
- Complete Credit Counseling: In order to file for Chapter 7 bankruptcy, you must first complete credit counseling with an approved agency. This can be done in person, over the phone, or online. You will be able to complete the course at your own pace. The course will cover topics such as budgeting and credit management. Once you have completed the course, you will receive a certificate of completion. This certificate must be filed with the bankruptcy court when you file your petition.
- Complete a Means Test: In order to qualify for Chapter 7 bankruptcy, you must pass a means test. This test is used to determine if you have enough disposable income to repay your debts. If you do not, you will be eligible to file for Chapter 7. If you do, you will have to file for Chapter 13 bankruptcy instead. Our Vallejo Chapter 7 bankruptcy lawyer can help you complete the means test to determine your eligibility.
- Complete a Credit Counseling Course: Once your bankruptcy petition has been filed, you will need to complete a debtor education course. This course is similar to the credit counseling course and will cover similar topics. Once you have completed the course, you will receive a certificate of completion. This certificate must be filed with the bankruptcy court before your debts can be discharged.
Call our Vallejo Chapter 7 bankruptcy lawyer today at (888) 850-0624 or online to schedule a free initial consultation.
