Chapter 7 Consumer Debt Relief
If you are behind in paying your consumer debt, you may be eligible for debt liquidation and the discharge of debt through Chapter 7 bankruptcy. Despite changes in the federal bankruptcy laws, you may still qualify. To find out how, call the San Diego, California, Law Office of Richard Stevenson at (866) 587-7260 (Toll Free).
Attorney Richard Stevenson advises people about Chapter 7 bankruptcy in San Diego County cities such as Chula Vista, Escondido, Oceanside, El Cajon, Carlsbad, La Mesa, National City, Encinitas, Poway, Lemon Grove, Spring Valley, and Coronado. Schedule a free initial consultation today to find out more about consumer debt relief.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy will discharge unsecured debt. Unsecured debt is that debt not tied to any specific property. By liquidating your personal assets, the court will pay off your creditors, discharging your debts. Chapter 7 is best suited to people with lower incomes, who lack valuable, non-exempt assets. Contact bankruptcy lawyer Richard Stevenson to set up a free initial consultation.
Background of Chapter 7 Bankruptcy
Chapter 7 bankruptcy does not involve debt reorganization. Under Chapter 7, the court appoints a trustee who will organize and sell your nonexempt property to pay off your debts. After the creditors take their share of debts owed, the court discharges the remaining debt. It is important to understand that you face losing your nonexempt property by filing a Chapter 7 bankruptcy. Call the San Diego, California, Law Office of Richard Stevenson at (866) 587-7260 (Toll Free) to schedule a free initial consultation.
Chapter 7 Debt Relief Eligibility
To qualify for Chapter 7 debt relief, you must meet the means test provide for under federal bankruptcy laws. The court examines your income over the last six months and compare your average income to the median income in the state of California for the same household size. You also must have received mandatory credit, counseling from an approved credit-counseling agency.
Chapter 7 Bankruptcy Process
Chapter 7 debt relief begins with filing a petition with the bankruptcy court in your area. In addition to this petition, you must provide schedules of assets and liabilities, current income and expenditures, a statement of financial affairs, of executory contracts and unexpired leases, and recent tax returns. You must also file a document certifying you received credit counseling. The San Diego, California, Law Office of Richard Stevenson will obtain and file all necessary documents with the bankruptcy court.
After receiving all required Chapter 7 documents, the court will appoint a trustee. This trustee will work with you and your creditors to discharge debt by liquidating your nonexempt personal assets. If successful, a Chapter 7 bankruptcy filing releases you from any liability for existing consumer debt, and prevents creditors from pursuing any collections proceedings against you.
To find out more about Chapter 7 bankruptcy debt relief, call attorney Richard Stevenson of the San Diego Law Office of Richard Stevenson at (866) 587-7260 (Toll Free). To submit a question and provide your contact information, fill out the attached contact us form.
The San Diego, California, Law Office of Richard Stevenson represents people residing in the San Diego County cities of Chula Vista, Escondido, Oceanside, El Cajon, Carlsbad, La Mesa, National City, Encinitas, Poway, Lemon Grove, Spring Valley, and Coronado.
