El Cajon Chapter 7 Bankruptcy Lawyer
Helping Clients Throughout San Diego County
When you're drowning in debt, it can be difficult to see a way out. You may be debt-burdened and facing foreclosure, repossession, or constant creditor harassment. In these situations, it may be time to consider filing for Chapter 7 bankruptcy.
If you're considering filing for Chapter 7, it's important to have a skilled bankruptcy attorney on your side. Law Offices of Andrew H. Griffin III can provide the guidance you need to move forward with this life-changing decision.
Call (619) 853-3009 or contact Law Offices of Andrew H. Griffin III online to request aconsultation with our El Cajon chapter 7 bankruptcy lawyer.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation bankruptcy. It involves the discharge of most unsecured debts.
In other words, a Chapter 7 bankruptcy can help you get rid of most unsecured debts, including:
- Credit card debt
- Medical bills
- Personal loans
- Utility bills
- And other debts that do not have any collateral
A Chapter 7 bankruptcy can also help you avoid foreclosure, repossession, and creditor harassment. It can help you start fresh by eliminating debt and giving you a clean slate.
Chapter 7 Bankruptcy Eligibility
Chapter 7 bankruptcy is not for everyone. In fact, not everyone is eligible for Chapter 7. In order to qualify for Chapter 7 bankruptcy, you must pass the means test. You must also have little to no property that can be liquidated to repay your creditors.
The Means Test
The means test determines whether you have enough disposable income to repay your debts. If you pass the means test, you will be eligible to file for Chapter 7. If you fail the means test, you may be able to file for Chapter 13 instead.
Property That Cannot Be Liquidated
In order to qualify for Chapter 7, you must have little to no property that can be liquidated to repay your creditors. This means you must have little to no equity in your home, car, or other property.
What Happens During a Chapter 7 Bankruptcy?
During a Chapter 7 bankruptcy, your debts will be discharged. This means you will no longer be responsible for repaying these debts. You will also be able to keep property that would otherwise be liquidated in a Chapter 11 bankruptcy. When you file for Chapter 7, you will need to provide information about your income and expenses.
Once you file for Chapter 7, the court will appoint a trustee to handle your bankruptcy case. The trustee will be responsible for gathering your assets, selling your property, and paying your creditors. Once the trustee has completed these tasks, the court will discharge your remaining debts.
After you file for Chapter 7, you will not be able to access your bank accounts or other assets until the trustee takes control. If you have any concerns about the trustee taking your property, you should speak with an El Cajon Chapter 7 bankruptcy lawyer at Law Offices of Andrew H. Griffin III.
Don't hesitate to contact Law Offices of Andrew H. Griffin III at (619) 853-3009 to learn more about Chapter 7 bankruptcy and whether it might be right for you.
Chapter 7 vs Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 are two distinct chapters of the U.S. Bankruptcy Code offering different approaches to debt relief. Chapter 7, known as "liquidation bankruptcy," involves the sale of non-exempt assets to discharge most unsecured debts, providing a quicker and more straightforward process. It is typically suitable for individuals with low income and minimal assets. In contrast, Chapter 13, or "reorganization bankruptcy," creates a repayment plan over three to five years, allowing individuals to retain their assets and catch up on missed payments, especially for secured debts like mortgages. Chapter 13 is more suitable for those with a regular income who can commit to a structured repayment plan. The choice between Chapter 7 and Chapter 13 depends on factors such as income, assets, and the nature of the debts, and seeking professional advice is crucial to determining the most appropriate option for individual financial circumstances.
Contact the Law Offices of Andrew H. Griffin Today
If you are considering Chapter 7 bankruptcy in El Cajon, the Law Offices of Andrew H. Griffin is ready to assist you. Take the first step towards financial freedom by scheduling aconsultation with our experienced Chapter 7 attorney.
Andrew H. Griffin and his team are dedicated to helping individuals regain control of their finances through strategic and compassionate legal representation. Contact us today to explore your options and embark on the path to a debt-free future.
Contact Law Offices of Andrew H. Griffin III at (619) 853-3009 for a Chapter 7 bankruptcy lawyer near you.