Filing for Chapter 7 Bankruptcy in Livermore, California
Debt is a stressful situation. It can be extremely frustrating watching more bills come in each month and having less and less income to even make the minimum payments on bills for credit cards, a house, or a car. Debt doesn’t have to be forever, though. United States law specifically provides for bankruptcy so that individuals who take on too much debt can eliminate or reduce it to start their financial lives over.
If debt is stressing you out, contact an experienced bankruptcy attorney in Livermore, California to discuss whether bankruptcy is right for you. Melanie Tavare has spent years helping Livermore residents get a new start by filing for bankruptcy.
How Filing for Chapter 7 Bankruptcy in Livermore Can Help
While many people believe that filing for bankruptcy will take years to resolve, that isn’t entirely true, and in some cases the benefits of filing for bankruptcy protection take effect immediately. A Chapter 7 bankruptcy may be completed in as little as 3-6 months, at which point all unsecured debts are forgiven.
Even before that, a court will enforce an automatic stay that prevents creditors from harassing you. An automatic stay takes effect as soon as a bankruptcy petition is filed, and it prevents creditors from taking other actions such as repossession and foreclosure as a court begins to consider the case.
An experienced Livermore Chapter 7 bankruptcy attorney can help you understand the bankruptcy process and determine the best course of action to take in filing for bankruptcy.
How Chapter 7 Bankruptcy Can Work for Livermore Residents
To qualify for Chapter 7 bankruptcy, you must make less than the median income of a family of the same size living in California. You also must be unable to pay your current debts with your disposable income, meaning the money that doesn’t go toward necessities such as food and housing.
In Chapter 7 bankruptcy, a court reviews the debtor’s assets and liquidates any non-exempt assets to pay off debts. Any remaining unsecured debt, such as credit card debt, is then discharged by the court. While it is possible to lose many assets to sale by a trustee in Chapter 7 bankruptcy, a bankruptcy attorney can also provide guidance about how to protect these assets before filing.
A Livermore chapter 7 bankruptcy attorney can likely assist you in discharging unsecured debts such as credit card and medical bills. However, some debts such as alimony, child support, and student loans still remain after Chapter 7 proceedings.
Contact a Livermore Bankruptcy Attorney Today
If it’s getting harder and harder to make the minimum payments on your bills, a Livermore bankruptcy attorney can help. The Law Offices of Melanie Tavare have spent years guiding Livermore resident through the bankruptcy process. If you are interested in finding if we can help you, contact us online or call at 510-255-4646.