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Pasadena-Los Angeles bankruptcy lawyer answers questions on
Chapter 7 bankruptcy.
What is Chapter 7 bankruptcy?
The main purpose of this bankruptcy
is to get rid of your debts so you can start their life fresh. Your belongings are liquidated, turned into cash, and paid to your creditors. In California, most, if not all, of the average debtor's property is exempt from being liquidated, and you can keep all of these "exempted" assets. Usually this includes all of your household goods, clothing personal effects, motor vehicles, pension plans, 401k benefits, and IRA's. Usually, the unsecured creditors receive no money and the debts are wiped away by the bankruptcy discharge.
How do I qualify for bankruptcy?
You must make below the median income for your state, or if you make more than that, there are certain steps you can take to qualify. This is where the expertise of a knowledgable bankruptcy attorney, such as the
Law Office of Phillip Myer, can help.
When should I file?
Most people wait too long. It is natural to try and solve your financial problems without involving a court. Many people feel embarrassed and attach a stigma to filing for bankruptcy. Bankruptcy laws were put in place by Congress to give people a fresh start. The longer you wait and try and juggle the credit cards in the air, "robbbing Peter to pay Paul", the more money you are needlessly paying to your creditors -- money you and your family could use instead to get your fresh start.
What are the steps I need to take to file?
When thinking about filing for
Chapter 7, consult a knowledgable experienced bankruptcy lawyer. If he/she determines you are qualified to file, they will discuss your options with you.
What does my future look like?
Filing bankruptcy is the first step towards your new financial future. Your credit score can be built back up, and you are on your way to a more secure future for your family. Instead of paying exhorbitant interest rates to the credit card companies you can use this money to secure your family's financial future.
If you would like more information on this topic or other bankruptcy topics, please contact our
Pasadena office at 888.368.8941 (toll free) or 626.389.8575. Mr. Phillip Myer will be happy to answer your questions for you. . If you need assistance regarding a
Chapter 7 bankruptcy or a
Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping,
getting rid of the second mortgage on your house, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at
http://www.phillipmyerlaw.com/ to request an in-person consultation with an experienced bankruptcy attorney in the Pasadena, Glendale, Altadena, Alhambra, Sierra Madre, Los Angeles and San Gabriel Valley areas.
