Chapter 7 Bankruptcy - Bankruptcy Lawyer in Fresno County
Chapter 7 bankruptcy is the choice for many individuals filing for bankruptcy in Fresno County. Often known as a "liquidation" bankruptcy, Chapter 7 bankruptcy is the most simple of the different types of bankruptcy. In a typical Chapter 7 bankruptcy, a bankruptcy trustee is appointed to oversee the estate. The bankruptcy trustee will go over any assets, property, and other items of financial value. He or she will then determine what, if anything, can be sold in order to satisfy the obligations to the creditors. In some instances, there is nothing that can be sold. In these "no-asset" cases, the person filing for bankruptcy is allowed to keep all of his or her property, and the bankruptcy progresses without any repayment to creditors.
In order to be approved for Chapter 7 bankruptcy, you must meet certain income guidelines, and you must not have any disposable income that can be used to repay your debts. You will be allowed to choose between California's two sets of exemptions in order to classify portions of your property and assets as exempt. Depending upon your particular circumstances, you may be able to exempt most, or even all of your belongings.
Not everyone will qualify for a Chapter 7 bankruptcy under the new guidelines, depending upon your actual circumstances. In some instances, you may fail the means test, while still having no actual income with which to pay your bills - in this case, you need the representation of a competent, experienced Fresno County Bankruptcy Attorney to help you navigate the complexities of bankruptcy law and get the results you need.
If you are considering filing for Chapter 7 bankruptcy in Fresno County and you aren't certain if you can qualify under the new bankruptcy laws, contact us. Our firm has years of experience providing reliable, timely advice on the subject of bankruptcy. Each of our well-trained, reputable attorneys specializes in Fresno County Bankruptcy Laws. We are here to answer your questions and provide you with the best bankruptcy representation possible in your case.
We offer a free, no-risk, initial case evaluation - you can get the answers you need right now, and make the best choice for your situation. Contact us today and let one of our Fresno County Bankruptcy Lawyers speak with you about your Chapter 7 bankruptcy case and help you to fully understand how Chapter 7 works, what you can expect, and the benefits that Chapter 7 bankruptcy can provide.