Filing for bankruptcy is not a desirable circumstance for any law-abiding individual, but it is often the only option when you are faced with increasing debt that threatens to financially devastate you and your family. Individuals in the United States most frequently petition for bankruptcy under Chapter 7 Fontana.
To get rid of debt, you may need to file for bankruptcy under Chapter 7 Fontana. Bankruptcy experts will urge you to do so to get an automatic hold on all creditors’ activities. Collection efforts will be discontinued, including phone calls, letters, lawsuits, garnishments, and other methods.
You will be discharged of your debts about 60 days after the Meeting with Creditors if you have Chapter 7 bankruptcy lawyers file on your behalf.
If the debtor has assets that cannot be exempted, the court-appointed Trustee may require the debtor to transfer those assets to him or their monetary equivalent at this meeting.
In order to benefit the creditors, the Trustee will strive to purchase and sell assets. Only a knowledgeable Chapter 7 Bankruptcy Fontana attorney can assist the debtor in protecting their assets. The debtor is no longer held responsible for any subsequently discharged obligations 60 days after this meeting, and the debtor can then begin a new life.
Your Chapter 7 bankruptcy lawyer can help you dismiss most of your debts, but you will still be responsible for non-dischargeable debts. You remain there once the case is finished.
Your Chapter 7 bankruptcy lawyer can help you dismiss most of your debts, but you will still be responsible for non-dischargeable debts. Even once the case is closed, you are still responsible for the following:
Loans for students
Child support, alimony, and maintenance
Debts incurred as a result of the debtor’s involvement in an automobile accident resulting in the death or injury of a victim as a result of driving while intoxicated.
Debts accumulated as a result of fines and penalties imposed for breaking the law, such as traffic tickets.
When a debtor signs a reaffirmation agreement, he or she waives the discharge protections and becomes responsible for those debts under the Bankruptcy Code.
Other debts that the debtor may still be responsible for are listed below. For further information, you can speak with an experienced Chapter 7 Bankruptcy Fontana lawyer to determine which obligations you are legally obligated to pay off even after filing for bankruptcy.
Because filing for bankruptcy is not a common occurrence, people often become perplexed by topics such as whether they are eligible and, if so, what they should do next. A consumer can usually file one of two types of bankruptcy: Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Bankruptcy under Chapter 7 Fontana
If you wish to get rid of the majority of your bills but not all of them, Chapter 7 or direct bankruptcy can help. Fines such as parking tickets, taxes, and car loans are not dischargeable in Chapter 7 bankruptcy.
A person or business must pass the “Means Test” in order to qualify for Chapter 7 Bankruptcy Fontana.
If, after all of your calculations, you still find yourself in a financial bind, i.e., your annual income is less than the state’s median income, you can file for Chapter 7 bankruptcy.