A Chapter 7 Bankruptcy allows a debtor, who is unable to get out of financial troubles by filing for bankruptcy. In various cases, you may be allowed to keep all of your property and discharge all of your debts through a Chapter 7 bankruptcy.
However, in some cases you my have to divide your assets, if they are not exempt.
Bankruptcy is a Federal right and is actually a program that has been implemented by the Federal Government to assist consumers in getting out of debt. Under Federal Law, filing for bankruptcy is within your constitutional legal rights, Since Bankruptcy is a Federal right, individually States may not regulate bankruptcy and therefore you are given the opportunity to file for bankruptcy to obtain a fresh start to a brighter future.
A filling under Chapter 7 bankruptcy which is also known as liquidation, will usually allow a debtor to discharge all their debt. As the debtor, you are allowed to select which assets you to choose to keep, such as your house, vehicles, credit cards and other various properties, as long as the properties meet the exemptions allowed by the Federal Bankruptcy Code. Chapter 7 is the most common type of bankruptcy proceeding.
Each case is different and assumptions should not be made regarding which bankrupt cy chapter is right for you. Determination of person qualifying for a Chapter 7 bankruptcy can only be determined through a consultation. Please feel free to contact us for a no obligation and informative consultation.
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We are conveniently at 2930 N. Fresno in Fresno off Hwy 41 just South of Shields.
We make every effort to make ourselves available for Emergency Situations and can provide evening and Saturday appointments if needed.
(We are not attorney’s we can only provide Self-Help services at your specific direction.)
Call Us Today At ♦ (559) 264-1290
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