Chapter 7 Debt Liquidation Bankruptcy Lawyer
The bankruptcy laws changed in 2005. For most people, that did not change eligibility to file for bankruptcy. The bankruptcy laws are still available to help people who need debt relief. Contact a lawyer at Coggins & Johnston law firm about your eligibility to file for Chapter 7 bankruptcy.
Call (916) 797-1397 for a free consultation with a bankruptcy attorney.
Under Chapter 7 bankruptcy, most debts can be discharged (liquidated). The purpose of Chapter 7 bankruptcy is to give debt relief to a person with substantial debt that could never be repaid within a reasonable time. That allows the person filing for Chapter 7 bankruptcy an opportunity to have a fresh start.
Chapter 7 bankruptcy requires a means test
Are you eligible to file for Chapter 7? Under the new law you must pass the means test to be eligible for a Chapter 7 discharge. However, most individuals are still eligible even under the new law. Talk to us before you take the means test. Additional factors may apply in your situation and many individuals and attorneys do not understand how to complete the means test. If you have been told you do not pass the means test—call for a free consultation with attorneys who have experience with high income individuals like Coggins & Johnston. We will help you determine if you are eligible for a Chapter 7 bankruptcy.
Most debts can be discharged or liquidated under Chapter 7.
However, there are a few debts that cannot be discharged by Chapter 7 bankruptcy including, but not limited to, child support, spousal support (alimony), certain tax claims, government fines and penalties, government-backed education loans. Talk to an attorney about what can or cannot be discharged in your chapter 7 bankruptcy.
Exempt property from liquidation (your assets that you can keep).
Determining which exemption track to use is one of the most important decisions to make when contemplating filing a Chapter 7 bankruptcy. You do not have to liquidate all property in a Chapter 7 bankruptcy filing. In most cases, you will not have to liquidate any property in your bankruptcy case. There are exemptions including your home and car (up to a certain value). Other exemptions (property you can keep) include pensions, health benefits, appliances, furniture, clothing, health aids, and possibly a wild card exemption to be used on any property you own. For a complete list of what you can keep, talk to a bankruptcy attorney who can explain debtor exemptions and their limits.
As soon as you file for Chapter 7 bankruptcy, collection efforts will stop.
When you absolutely cannot pay your bills, calls and letters from creditors make the difficulty you are going through even worse. As soon as we file your bankruptcy petition, we will inform your creditors. Collection efforts, repossessions and foreclosures will stop. You can begin to deal with the situation with less pressure and more hope for the future.
Contact us and ask for a free initial consultation.
The first consultation is free at the Coggins & Johnston law firm. It will give you a chance to get answers to your questions and make an informed, educated decision about your future. No matter what your decision, we can help you end the financial struggle and get a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The Coggins & Johnston law firm in Roseville, California, represents bankruptcy and foreclosure clients in Sacramento, Roseville, Rocklin, Granite Bay, Lincoln, Citrus Heights, Davis, Rancho Cordova, Folsom, Woodland, Carmichael, North Highlands, Yuba City, Fair Oaks, Orangevale, El Dorado Hills, Auburn, Placerville, Gold River, Loomis, CA, and other communities in Placer County, Sacramento County, Yolo County, El Dorado County, Yuba County, Central California and Northern California.
