About Chapter 7 Bankruptcy: Liquidation Bankruptcy for San Diego Residents

Chapter 7 bankruptcy, also called “Liquidation Bankruptcy,” is the most common form of bankruptcy filed by consumers in the United States. Chapter 7 allows individuals with relatively small amounts of debt and not much valuable property to eliminate his or her debts through the sale of property. If you are being harassed by creditors and want to find out if Chapter 7 Bankruptcy is right for you, contact Kerry Steigerwalt's Pacific Law Center in San Diego today. A bankruptcy attorney from our firm will provide you with a free debt evaluation and help you determine if liquidation is your best option.

Filing for Chapter 7 Bankruptcy

Once you begin the bankruptcy process, creditors must cease requesting payment, which provides much needed relief. During this time your property is safe while a trustee appointed by the court figures out which property will be sold to pay creditors, and which “Exempt” property you will be allowed to keep.

Exempt Property

Exempt property is property that cannot be sold to pay off creditors. This type of property usually includes:

• Homes
• Unemployment Benefits
• Vehicles
• Personal Items
• Insurance Policies
• Retirement Accounts
• Social Security Benefits

 

Very few individuals end up losing property as a result of filing Chapter 7 bankruptcy. However, recent changes in bankruptcy laws under the Bankruptcy Abuse and Consumer Protection Act of 2005 have created more stringent guidelines for who qualifies to file for bankruptcy.  

Discharging Debt

When you file for bankruptcy many of your debts will no longer have to be paid. However, some debts cannot be discharged. Debts that are not dischargeable include:

• Taxes
• Alimony
• Legal Fines / Restitution
• Child Support
• Student Loans

Bankruptcy and Your Credit

Although a bankruptcy discharge typically stays on your credit record for 10 years, for those who need a fresh start and want to break the debt cycle, bankruptcy is an extremely valuable opportunity.

Contact our Bankruptcy Lawyers in San Diego

Contact Kerry Steigerwalt's Pacific Law Center today for your free debt evaluation and more information about Chapter 7 bankruptcy. Our lawyers in San Diego will explain how bankruptcy can give you the fresh start you deserve.

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