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Ventura Chapter 7 Bankruptcy Attorney

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Are you having trouble keeping up with your bills? Do you have a significant amount of debt that seems practically impossible to pay off? Chapter 7 bankruptcy can offer the financial relief necessary to start over with a clean slate. This type of bankruptcy eliminates many (or all) of your debts.

At The Law Offices of Robert F. Sommers, we can evaluate your financial situation, determine whether Chapter 7 bankruptcy is right for you, and guide you through the legal process of canceling your debts. With more than two decades of experience, our Ventura bankruptcy lawyer has a comprehensive understanding of California bankruptcy law to help you obtain the most favorable outcome.

California Chapter 7 Bankruptcy Explained

Also known as liquidation bankruptcy or straight bankruptcy, Chapter 7 wipes out most (or all) unsecured debt. Common types of dischargeable debt include credit card debt, medical bills, past due utility bills, and money owed under a lease agreement (i.e. past due rent). Keep in mind, certain debts such as child support, alimony, and student loans cannot be discharged.

In order to qualify, you must the “means test,” which determines whether your income exceeds a certain amount. If you do not qualify, you may still be able to file for Chapter 13 bankruptcy.

When you file for Chapter 7 bankruptcy, an automatic stay goes into effect, stopping most creditors from attempting to collect the money you owe them. This means creditors cannot garnish your wages, access your bank account, or repossess your home or car.

The court will appoint a “trustee” to ensure your creditors are paid—as much as possible—what you owe by looking for nonexempt property to sell to obtain money for the creditors. Once the trustee determines you have some nonexempt property after the creditors meeting, you may have to either give up your property or provide the trustee with the equivalent cash value.

Since most property owned by Chapter 7 debtors is either exempt or basically worthless when it comes to raising money for creditors, few debtors must relinquish any property. However, if there is collateral for secured debt, it needs to be surrendered.

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The bankruptcy process can be quite complex and committing an error can result in serious legal consequences, leaving you vulnerable to the harassment of creditors. Our Ventura bankruptcy lawyer protects your valuable possessions and helps you navigate the intricacies of the process to get the most out of your discharge. Let us help you start a new chapter in life immediately.

For more information, contact us and discuss your case with our The Law Offices of Robert F. Sommers today.