Things to know about Chapter 7 Bankruptcy
Filing bankruptcy case can be taxing if you have no idea on what applicable case to file. It is important to seek financial counselling from a bankruptcy attorney. Moreno valley attorney offers the best consultancy services when it comes to providing debt mitigation, settlement and relief. Everyone is entitled to living in peace, respected and restored credit line even indebted. Our seasoned bankruptcy lawyers can help you decide and file appropriate bankruptcy law. Bankruptcy laws are created to protect debtors. In the U.S. there are several federal laws available protecting the rights of debtors.
Filing for Bankruptcy Moreno Valley helps you protect your homes from liens and attachments, protect your income, save your car, modify your loans at lower interest rates or monthly payments, and provide freedom from creditor harassment. Our bankruptcy lawyers will first assess and evaluate your situation whether you will fall under bankruptcy chapter 13 or chapter 7.
Filing Chapter 7 Moreno Valley is most commonly used by debtors to have a new start. It is also called liquidation bankruptcy designed to wipe out unsecured debts such as credit cards and medical bills.The court will appoint a trustee who will take care of your assets, sell them and distribute the proceeds of sale to creditors who filed appropriate claims. However, the debtor must pass the means test which assesses and calculates if the income is sufficient enough to pay for a portion of debts. Before a case is filed, he must also attend a session with the bankruptcy attorney to discuss possible alternatives to get rid of his debts. All his financial affairs must be disclosed, bank statements are presented, provide list of all creditors, credit card statements, and schedules of assets and liabilities.