Bay Area Chapter 7 Bankruptcy Attorney
For Experienced Guidance, Call (888) 850-0624
Are you overwhelmed by financial burdens and considering filing for Chapter 7 bankruptcy? Look no further than Compass Bankruptcy Law Group for compassionate guidance and advocacy. We understand the emotional and practical challenges of seeking debt relief and are here to help, so you do not have to go through these things alone.
Our founding attorney, Reno Fernandez, is a certified specialist in bankruptcy law with 16+ years of experience. You can trust him with your financial future. How do you start with Compass Bankruptcy Law Group? Simply, reach out online or give our Benicia office a call to request a free consultation. We offer virtual consultations, $0 down services, and flexible payment plans.
Defining Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a legal process that allows you to eliminate most unsecured debts (credit card debts, for example) by liquidating assets. While liquidation is a central part of this type of bankruptcy, it is important to note that certain assets may be exempt from liquidation. These can include your car, home, and retirement accounts.
Once you finish filing for Chapter 7, you will be discharged of your debts. This can give you relief from long-standing debts.
Speak with a dependable Bay Area Chapter 7 bankruptcy lawyer by calling (888) 850-0624.
Why Choose Compass Bankruptcy Law Group?
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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.
Who Is Eligible to File for Chapter 7 Bankruptcy?
Filing Chapter 7 bankruptcy may be an option for individuals who cannot make payments on debts, as well as businesses. No matter the amount of debt you owe, Chapter 7 bankruptcy could be a solution.
To qualify for Chapter 7, you must pass California’s income eligibility test, also known as the “means test.” This test compares your average monthly income with the median income of similar-sized households. If your income is below this number, you are eligible to file for Chapter 7. Should your income be above the relevant mean, you can still file for Chapter 13 bankruptcy.
A Common Timeline for Chapter 7 Bankruptcy
Filing for bankruptcy generally involves the following steps:
Filing Preparation
During this initial stage, you may work with an attorney to determine if filing for Chapter 7 bankruptcy is right for you. If so, you will gather necessary documents, such as tax returns, bank statements, and a list of your assets and liabilities. You must also complete a credit counseling course 180 days prior to filing.
Filing the Petition
You must submit your Chapter 7 bankruptcy petition to the appropriate local court. Once you have filed, you will be granted an automatic stay, which prevents creditors from contacting you to collect debts.
The Bankruptcy Meeting of Creditors
In your Chapter 7 bankruptcy case, you, your attorney, and the assigned bankruptcy will meet with creditors. This is called the “341 hearing,” named after the corresponding bankruptcy code section.
At this meeting, you will:
- Confirm your identity with two qualifying forms of identification
- Answer questions from your case’s assigned trustee and creditors
- Provide relevant documentation
The meeting is often brief, lasting 15 minutes or less. The length of the meeting generally depends on the case’s complexity. Afterward, the trustee may request further information or records to supplement the petition or clarify answers you gave during questioning.
While the meeting of creditors can feel intimidating, it is standard for bankruptcy filing. Additionally, having an attorney by your side can ease your stresses, as they can represent your interests and look out for your rights.
Financial Management Course
To receive a discharge of your debts, you must complete a financial management course within 60 days of your 341 hearing.
Discharge
If you meet all requirements, your qualified debts will typically be discharged between 60 and 90 days after your 341 hearing.
Discover How Our Bay Area Bankruptcy Services Can Assist You
At Compass Bankruptcy Law Group, we are prepared to guide you through filing for Chapter 7 bankruptcy and help you get relief.
To support you, we may do the following and more:
- Assess whether filing for Chapter 7 bankruptcy is an advantageous option based on your income, assets, and debts
- Provide personalized advice during the bankruptcy process, ensuring you know what to expect at every step
- Collect and file required forms and paperwork to avoid pitfalls in the filing process
- Act as your representative in communication with creditors, the bankruptcy trustee, and others
- Identifying your exempt assets and working to protect them while filing
- Accompanying you to the 341 hearing and offering support during questioning and any post-meeting requests for documentation
- Look out for your rights and rectify any infringements, such as creditor harassment
- Guide you through the process of receiving a debt discharge and confirm that you have met all obligations under the bankruptcy plan
- Provide advice on rebuilding credit, creating a financial plan post-discharge, and addressing any lingering legal or financial concerns
Having an experienced Bay Area Chapter 7 bankruptcy lawyer on your side can make all the difference. Get the peace of mind that comes with knowing you are represented by a lawyer whose goal is to help you get free from debt and protect your rights along the way. Turn to Compass Bankruptcy Law Group today.
Contact Us for a Free Consultation: Call (888) 850-0624 or Submit Our Online Contact Form. From Benicia, our firm serves the Bay Area and the North Bay Area.
