Serving California Bankruptcy Clients Since 1992

Experienced Chapter 7 and Chapter 13 Bankruptcy Attorney

Offices in Ventura, Santa Barbara, Bakersfield, and Woodland Hills

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Bankruptcy is not a Bad Word!

 

 

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Bankruptcy is Still an Option! Get a Fresh Start!

 

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Chapter 13 and Foreclosures

"Strip Off" Unsecured 2nd Mortgage

 

 

Chapter 7

 

WHAT IS CHAPTER 7 BANKRUPTCY?

Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".

You can file a Chapter 7 case every 8 years.  If you are not eligible to file another Chapter 7 but need relief from creditors, you can be eligible to file a Chapter 13 case.

One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. 

You start the process by calling my office for  FREE consultation.  You will need to bring:  paystubs or evidence of income for the past 6 months, last 2 years tax returns, recent credit report(s) - you can get free reports once a year from www.annualcreditreport.com from each of the credit reporting agencies.  If you owe taxes, you need to bring any correspondence you have received from the taxing agencies and preferrably a transcript of the tax periods in question.  If you have liens of any sort, you will need to bring copies of those. 

You will need to bring your driver's license and social security cards as copies need to be provided to the trustee before the Meeting of Creditors.  This meeting is about a month after you file your case.  I appear with you at this hearing where the trustee will ask you questions regarding the information contained in your bankruptcy case.  Any creditor can also appear and ask questions although my experience is that very few actually appear.

You will need to take a counseling course before you can file a case.  there are many places to take this course.  I refer my client to Money Management International.  They can be reached 24 hours a day, 7 days a week at (888) 845-5669.  The cost is $50.00 payable with an ATM debit card.  They then fax the certificate to my office at (805) 830-0387.  In some cases, the fee can be waived.  Be sure that you ask about a fee waiver before you take the course.  You will also be required to take a second counseling course , and can do so through the same company.  It must be completed in time to file the certificate of completion within 45 days after your initial Meeting of Creditors.  Otherwise, you case can be closed without the discharge being entered.  You would then be required to pay additional fees to reopen the case and submit the certificate.

I recommend credit counseling at www.cricketdebt.com.  It costs $36 and you ask them to fax the certificate(s) to me at (805) 830-0387.   If you do not have access to the internet, you can take the counseling by telephone at (888) 845-5669 - and the cost is $50.00.

We are proudly a debt relief agency.
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