The fastest, simplest and most complete debt relief available under the U.S. Bankruptcy Code is the debt discharge received under Chapter 7. However, it is not easy to file a Chapter 7 bankruptcy petition on one’s own without assistance from a qualified attorney. Several years ago, Congress amended the Code so that Chapter 7 applicants must demonstrate eligibility for Chapter 7. It is no longer just a matter of filing the petition, schedules and filing fee, then showing up for the meeting with the trustee.
Chapter 7 bankruptcy applicants must demonstrate eligibility by passing a test known as the Chapter 7 Means Test. At Law Office of Daniel G. Shay in San Diego, most of our clients qualify for Chapter 7 relief, even in situations where their household income approaches $100,000 a year or more. Not only are some of our clients surprised to find they’re eligible for Chapter 7, but they wish they had visited Dan Shay Law and 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.
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. Chapter 7 bankruptcy results in absolute elimination of qualifying debts. Chapter 13 may result in elimination of some debt, but its primary purpose is to reorganize debt payments into a more manageable schedule. When you consult with Dan Shay Law, we will conduct a thorough examination of your income, assets and debts to determine if you pass the Chapter 7 bankruptcy means test.
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 equity in your house and car, retirement savings, and household goods. Learn more about the differences between Chapter 7 and Chapter 13 bankruptcy.
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 if Chapter 13 bankruptcy or debt settlement is a good option.
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.
To learn how you can put Chapter 7 to work for you and your family, contact Law Office of Daniel G. Shay 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.