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If you’re in debt and unable to find a way out, you have likely considered filing for Chapter 7 bankruptcy. The first thing you should do is to make sure you know what it entails. You can reach one of our specialists by calling 800.400.9000 and asking for a bankruptcy consultation, or you can continue reading in the interim to learn the fundamentals.

Bankruptcy Under Chapter 7 Is The Most Common Type Of Bankruptcy Filed.

Chapter 7 bankruptcy, also known as liquidation bankruptcy or straight bankruptcy, is the most common type of bankruptcy. In fact, more than 1.5 million bankruptcies are filed in the United States each year, with over a million being Chapter 7.

You Are Allowed To Keep Exempt Property

There are two sorts of exemptions available in the state of California. What kind of property you own and how much equity you have in it will determine which one you choose. Your home, car(s), retirement (such as 401k and IRAs), furniture, disability benefits, social security payments, pensions, alimony, and child support are some of the exempt property you might be entitled to keep.

Unsecured Debts May Be Forgiven

Depending on the specifics of your case, you may be able to discharge various unsecured debts whether you’re filing as an individual or a business. Credit cards, business debt, personal loans, charge cards, medical expenses, payday loans, legal proceedings, unpaid taxes, and judgments against you could all fall under this category.

California Homeowners Have Options

If you have a mortgage, you can get rid of it or discharge it through Chapter 7 bankruptcy, which means you’ll have to give up the house but won’t have to make payments anymore.

You may, however, continue to make mortgage payments if you wish to keep your house and can afford to do so. You will eventually own the home just like you would have if you hadn’t filed for bankruptcy.

You Must Meet The Requirements For Chapter 7 Bankruptcy

It is critical to understand that Chapter 7 bankruptcy can provide you with a truly fresh start – but only if you qualify. For example, you cannot earn more than a certain amount, and other conditions must be met. We will happily discuss these details when you call Winterbotham Parham Teeple, a PC at 800.400.9000.

Bankruptcy Was Created to Help You

It may not feel comfortable to use the bankruptcy options, but remember that they are designed to assist debtors like you. You deserve to start over with money you can manage. Contact us immediately by dialing 800.400.9000 and let us help you get the fresh start you deserve.