Discharge Your Debts And Dawn A New Life
Through Chapter 7 bankruptcy---or debt liquidation---individuals who only have few assets and a majority of unsecured liability gain an opportunity to start out a brand new and debt-free life. This type of bankruptcy relinquishes all non-exempt property to the bankruptcy trustee who will convert the property into cash which shall be distributed to creditors.
Individuals who have lost their jobs or been faced to sudden financial setbacks can seek relief from staggering debt when they file for a Chapter 7 bankruptcy, making it the most typical variety of bankruptcy filed in the United States. Straight bankruptcy, a term also used to denote Chapter 7, can usually be accomplished in about 3 to 4 months through the aid of bankruptcy attorney. In case you have difficulties in paying off your debts, you should remember that you are not alone in this situation; the legal professionals at Law Office of Pamela Kleinkauf can help you. Annually, innumerable individuals who are in the same position have found the debt relief that they need through Chapter 7 bankruptcy and we are here to be of service to you, especially with that matter.
Debt Liquidation Process
For you to begin the process of debt liquidation using the Chapter 7 bankruptcy type, you are required to fill out a petition and a number of other forms that summarize your current financial situation. After filing and providing pertinent financial documents reflecting all your recent gains, assets, debts and other liabilities, the court will then issue an automatic "stay" that will prevent all of your creditors or collection agencies from contacting you any longer. In most cases, this is an immense relief for debtors because they have been under intense pressure and harassment caused by the collection malpractices of creditors prior to this.
Creditor harassment can come in several forms. You may have creditors calling your phone any hour of the day or visiting your workplace or even at home. Some would even call your friends and family members instead when they are not able to contact you. We understand the protracted pressure and steady stress that comes with falling behind on your bills, which is why we are here to help you today until the proceedings is finished. Protection against the incessant collection calls and creditor harassment is just one of the many reliefs that Chapter 7 bankruptcy protection could offer you.
However, the "means test" was created to limit the usage of Chapter 7 bankruptcy to those who could really not pay for their debts as this determines whether your financial gain is low enough to file for Chapter 13. Using a formula, the test subtracts certain monthly expenses from your "recent monthly income"---which is your average income over the six months before you file for bankruptcy---and then compares this number to the current median income for a household of your size in your state. There have been varying amounts that are allowed for each category of expenses intended for every county and metropolitan area.
Here at the Law Office of Pamela Kleinkauf, we can assist you through this complicated process and aid you in determining whether you will pass the means test and qualify for Chapter 7 bankruptcy. For more details on how this type could help you, contact and consult a well-rounded Rancho Bernardo bankruptcy attorney at our firm.
Consult A Bankruptcy Attorney In Rancho Bernardo
Bankruptcy may not be for everyone, which is why anyone who plans to file for it has to undergo certain preliminary procedures. There are also particular versions of debts---child support, alimony, educational loans and certain taxes---that cannot be covered in your settlement. But there are alternative strategies provided to still be able to seek for debt relief in case bankruptcy will be concluded as not the optimal plan of action for you to pursue.
When you decide to pursue with Chapter 7 bankruptcy, it will then be obligatory for you to attend an approved credit counseling program to assist you in learning how to deal with your finances and budget more efficiently once your bankruptcy is complete. Being the most typical type of bankruptcy, Chapter 7 is most applicable when an individual has few assets aside from their home, vehicle and personal possessions. Most individuals are able to keep all of their assets while all their medical expenses, credit card statements, and other unsecured debts are discharged, and therefore canceled, by the court. In this way, debtors would be given a chance to dawn a new life, one that is already debt-free.
Our attorneys, who are hailed as experts in bankruptcy and other debt relief alternatives, will answer your queries and then evaluate your financial situation as soon as you get in touch with us; you may call us through our hotline or visit us directly in our office.
Contact a Rancho Bernardo bankruptcy attorney from the Law Office of Pamela Kleinkauf and schedule a free debt analysis and know more about bankruptcy protection.