Get an Attorney's Advice About Chapter 7 Bankruptcy Relief
The fastest, simplest and most complete debt relief available under the U.S. Bankruptcy Code is the discharge you can get under Chapter 7. Since Congress amended the Code several years ago, it's no longer just a matter of filing the petition, schedules and filing fee, then showing up to your meeting with the trustee. Nowadays you need to demonstrate your eligibility for Chapter 7.
At Daniel Shay Law in San Diego, most of our clients qualify for Chapter 7 relief, even in situations where their household income approaches $100,000 a year. Not only are some of our clients surprised to find that they're eligible for Chapter 7 — they wish they had filed for bankruptcy relief long before they actually did. To learn whether you qualify for Chapter 7 bankruptcy and to find out about the benefits of Chapter 7 relief, contact our office to discuss your situation with a knowledgeable lawyer.
Call 619-222-SHAY for a Free Consultation About Chapter 7
Individual consumers and married couples who are going to file for bankruptcy protection generally need to choose between Chapter 7 and Chapter 13. For most people, Chapter 7 will be the more attractive option, but you need to prove your eligibility. In most cases, you'll qualify if your net household income (adjusted for family size) is below the California statewide median.
In 2009, the median household income for a single person in California was about $49,200, and for a two-person household, about $65,100. The means test for Chapter 7 eligibility allows you to deduct the amount of payments on secured debts — typically, mortgage payments and car loans — from your gross income. To illustrate how this works, a married couple without children can qualify for Chapter 7 if they together earn $91,000 but pay $2,200 each month for their mortgages and motor vehicles.
The main benefits of Chapter 7 are obvious — the ability to walk away from most unsecured debt while stopping your creditors from pursuing their claims against you. You can also claim exemptions for most of your assets and property, including much of the equity in your house, retirement savings, and household goods.
Occasionally we'll work with people who are eligible for Chapter 7 relief, but who own more assets than they can protect under the exemption rules. In those situations, we'll advise Chapter 13 if bankruptcy still appears to be a good option for you otherwise.
Our Job Is to Make Sure Your Chapter 7 Bankruptcy Case Goes Smoothly
Without complications, most Chapter 7 cases proceed from beginning to end in four to six months. Our main job as your bankruptcy counsel is to make sure that there are no complications, and advise you accordingly if there are. Practically all of our Chapter 7 cases proceed smoothly from initial filing to final discharge, and our clients only very rarely need to part with assets to reduce the claims of creditors.
To learn how you can put Chapter 7 to work for you and your family, contact Daniel Shay Law for a free initial consultation in San Diego.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.
