Chapter 7 Bankruptcy
Individual consumers generally file either Chapter 7 or 13. Chapter 7 Bankruptcy is the most commonly filed Bankruptcy and eliminates virtually all your debt. It is generally the Cheapest and Quickest Chapter of the Bankruptcy Code. Approximately 80% of the cases Doan Law files are Chapter 7. Our clients keep all assets in nearly every case. In some cases where assets might be at risk, Doan Law goes over options to avoid any losses. Married couples have the option to file individually or jointly with their spouse. Notwithstanding, Chapter 13 should also be explored since additional relief can be granted in that Chapter depending upon your circumstances.
Chapter 7 is generally a 3 to 4 month process from start to finish. Homework consists of worksheets (we will provide you a link to our online worksheet portal), credit counseling, and document gathering (paystubs, bank statements, car registration, tax returns, etc). You must also attend the Meeting of Creditors (virtual and no need to drive to Downtown San Diego) about 30 days after your case is filed.
Chapter 7 Provides:
- A Fresh Start
- An improved credit score in most cases
- A permanent discharge to almost all debt (credit cards, medical bills, personal loans, repossessions, payday loans, government overpayments, certain taxes, etc)
- An immediate stop to all creditor harassment, repossessions, foreclosures, evictions, wage garnishments, bank levies, etc.
- An opportunity to obtain credit again (credit cards, vehicle loans, home ownership, business loans, etc.)
- The ability to remove judgment liens from residences, recover bank levies, and recover ganished wages.
- A temporary stop to repossession, foreclosure, eviction, student loan payments, tax payments, etc.
Chapter 7 Stops:
- Bank levies
- Tax collection
- Wage garnishments
- Utility disconnections
- Creditor/debt collector harassment
- Public benefit overpayment collections
Which Chapter, 7 or 13?
Deciding which Bankruptcy Chapter to file depends on the facts of each case. While most people opt for Chapter 7, it could risk the loss of assets and/or dismissal if income is too high. On the other hand, filing Chapter 13 might seem to provide greater relief at first blush, but could end up costing much more in the long run and overwhelm you with Bankruptcy Court oversight for the next 3 to 5 years. Since Doan Law has filed nearly 50,000 Bankruptcy Cases, we will easily determine which Bankruptcy Chapter is best for you.
Call or Text (760) 450-3333 or Email to schedule your FREE PHONE CONSULTATION with a Bankruptcy Attorney. Hablamos Espanol.
At Doan Law our Bankruptcy Attorneys will answer all your Chapter 7 Bankruptcy and Chapter 13 Bankruptcy questions. Doan Law Firm is California’s Largest Family of Attorneys, Specializing in Bankruptcy and Non-Bankruptcy Alternatives.