In the United States, there are two ways that an individual can file for bankruptcy. Under Title 11 of the United States Code, also known as the Bankruptcy Code, people can file under Chapter 7 and have the opportunity to essentially eliminate their outstanding debt. Chapter 7 bankruptcy is also known as a "straight bankruptcy" or a liquidation bankruptcy because under this Chapter, all non-exempt assets will be sold to repay and discharge any unsecured loans or liens the debtor may have. Filing for Chapter 7 bankruptcy may beneficial to the debtor because most individuals who file under this Chapter have little or no money left to pay back even the smallest of payments. If you have exhausted all alternatives to bankruptcy, you need to contact our attorneys at Fobi Law to discuss if a liquidation bankruptcy is the right choice for you. There are many benefits to liquidation - which is why it is the most commonly filed form of bankruptcy in the United States is. Prior to filing, you must first qualify under the means test and if you are still considered eligible, you can begin the process of filing for Chapter 7 bankruptcy.
What is not discharged? Although the majority of the debts are eliminated under this Chapter, there are some secured debts that will not be eliminated under a liquidation bankruptcy. Child support, spousal support and other fines and restitutions imposed by a court for a commission of a crime will remain in place even if you file for bankruptcy. This is the same for income taxes less than three years old, student loans and property taxes. It is important to remember also, that Chapter 7 bankruptcy will stay on your credit report for ten years. Bankruptcy can be a wonderful relief for many people, but it is important to speak with an attorney prior to filing. Our lawyers at Fobi Law can offer you guidance and counsel when you unshakeable debt.
What about fees? There is not a one-size fits all approach to debt relief, because nobody's financial situaton is same. And because of all the different variables and criteria involved in California, it's near impossible to quote a flat fee tha's accurate. so while our legal fees are competive, the last thing we want to do is make false promises on flat fees,mislead you and set the wrong expectation with you. You have enough on your plate so we focus entirely on you, giving you only the solution you need and none of the ones that you don't.
We'll help answer all your questions. Is Bankrutpcy right for you? Can you stop a foreclosure on your home? Should you file Cahapter 7 or Chapter 13? We'll sit down with you, ask you about your specific situation, expalain the whole process and answer any questions you may have.
Contact us today for a consultation!
Fax: (805) 483-1536
309 South A Street
Oxnard, CA 93030
Fax: (805) 483-1536
131 Chester Avenue
Bakersfield, CA 93301