If you are unable to pay your debts and worried about your financial future, it may be time to file for bankruptcy. When thinking about bankruptcy, there are many considerations to take. Your specific financial situation will determine whether you qualify to file, and if so, whether you can file for Chapter 7 bankruptcy. Discharging debt through Chapter 7 bankruptcy may be necessary to move toward a better financial future. Do you have questions about Chapter 7 bankruptcy? Read the information below, and then contact a bankruptcy lawyer in Oakland today.
Chapter 7 bankruptcy is the most common type of bankruptcy case, and allows an individual to discharge certain debts. Filing for Chapter 7 is a complicated process that requires an extensive analysis of your finances. Before beginning the actual legal process, you must first qualify under bankruptcy laws. To qualify for Chapter 7 bankruptcy, you must either:
If you qualify, you may be able to discharge a considerable amount of debt. By filing Chapter 7 bankruptcy, you may be able to lift a great deal of financial burden. Your bankruptcy attorney can help you determine whether you qualify to file for Chapter 7.
After determining your eligibility, your case will be filed and the discharge process can start. The first step in your Chapter 7 case is detailing your assets and debts. Some debts will be discharged after you pay off a portion of what you owe. You may be required to sell certain assets to pay for these debts. It is especially important to detail all assets and debts because you may owe debts that are not dischargeable through Chapter 7 bankruptcy. In other words, you may be required to repay certain debts even after successfully filing for bankruptcy. These non-dischargeable debts may include:
These are few of the most common non-dischargeable debts under Chapter 7 guidelines.
After filing for Chapter 7 bankruptcy, an automatic stay will go into effect on most of your debts. However, this stay does not apply to non-dischargeable debts such as those listed above. This means that even during your bankruptcy case, you could be required to pay these debts. In extreme cases, you may be able to discharge some otherwise non-dischargeable debts. Your bankruptcy lawyer can analyze your circumstances and help you determine how to deal with all of your debts.
If you are considering filing for bankruptcy, contact the Law Office of Melanie Tavare today. Our experienced bankruptcy attorneys know the complexities of today’s bankruptcy laws. We understand the detailed process of Chapter 7 filings, and can help you through this process. Our team knows that financial strain you are under, so we will work closely with you to prioritize your needs and goals. If you live in the Oakland area and are considering filing for bankruptcy, contact our firm online or by calling 510-255-4646 today for a free consultation.
The Law Offices of Melanie Tavare are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.