Representing Individuals and Businesses
Is Chapter 7 bankruptcy right for you? If you meet the income requirements, and do not have many assets you wish to keep, Chapter 7 may be a good option. It is best to discuss your finances and your bankruptcy options with an attorney before you make a decision to file.
For experienced bankruptcy representation, contact the Law Offices of Charles X. Delgado. We can review your finances and help you determine if Chapter 7 will work for you. We represent individuals and small businesses in California. Please call 951-795-4058 to schedule an appointment. Your consultation is free.
What Happens When You File for Chapter 7 Bankruptcy
Under Chapter 7 bankruptcy, many of your debts will be discharged, which means you will not have to repay them. Unsecured debt, such as credit cards and medical bills, are typically discharged. In addition, Chapter 7 can eliminate some taxes if they meet certain criteria.
You are not allowed to discharge debt for certain obligations, including alimony, child support, student loans, and wrongful death or injury judgments.
Depending on your financial situation, you may be able to keep your home or car if you can reaffirm the loans and can keep making payments. For example, if your credit card debt is discharged, you may be able to make your mortgage payments. In some cases, however, these assets are sold or liquidated to repay your creditors.
All types of bankruptcy provide the benefits of the automatic stay. This stops all collection activities, including harassment, during the bankruptcy process. When the bankruptcy filing is complete, your debts will have been discharged or repaid via liquidation, so creditors should no longer have reason to contact you.
For a free consultation with a Temecula Chapter 7 bankruptcy lawyer, please call us at 951-795-4058 or contact us online.
