Chapter 7 Bankruptcy in Seaside CA
What You Should Know Before Filing Chapter 7 Bankruptcy in Seaside CA
Bankruptcy could become a serious option for your finanaces due to unemployment or sickness. There are two types of personal bankruptcy. You can file Chapter 13 or Chapter 7 bankruptcy in Seaside CA Here we cover Chapter 7 bankruptcy in Seaside CA This page will show the plus and minus to filing Chapter 7, everything you will need to start, and what Chapter 7 bankruptcy in Seaside CA entails. At the end of this guide, you’ll know the basics of Chapter 7 bankruptcy in Seaside CA.Bankruptcy can become a serious option for you due to unemployment or bad health. The two types of consumer bankruptcy consist of Chapter 13 and Chapter 7. We will cover Chapter 7 bankruptcy in Seaside CA here. We will cover how to file, what to expect, and benefits vs. disadvantages of Chapter 7 in Seaside CA. When you are done you will have a better understanding of the process of filing for Chapter 7 bankruptcy in Seaside CA.
Chapter 7 Bankruptcy in Seaside CA, What is it?
Chapter 7 bankruptcy in Seaside CA takes the least amount of time. Most are sell out or liquidation cases and it is the simplest form of bankruptcy. Chapter 7 eliminates your secured debt completely. More of your property will be at risk with Chapter 7 bankruptcy in Seaside CA Filing bankruptcy doesn’t do all the damage to your credit, not repaying your debts hurts you more. The longer your loans are overdue, the more damage happens to your credit. Once the delinquent status is removed your credit score could improve. Selling your assets to pay for your debt is the core of Chapter 7 bankruptcy in Seaside CA. Next, we’ll discuss the pluses and minuses to filing Chapter 7.
Benefits and Troubles of Chapter 7 Bankruptcy in Seaside CA
After filing a stay is issued requiring all creditors to stop contacting you. The process of Chapter 7 bankruptcy in Seaside CA is also fast, usually only taking 3-6 months to complete the whole process. One problem is not all debt is charged off. Student loans, child support in addition to tax obligations won’t be absolved. An additional problem with Chapter 7 bankruptcy in Seaside CA is in scarce cases property may be sold to clear your debt.
What Happens After you File
Most Chapter 7 bankruptcy in Seaside CA will require you to take credit counseling classes. Your assests are sold and the proceeds used to pay off your debts. In some cases cars and houses with no equity can be exempt form sale. Talk to a qualified bankruptcy attorney before filing. We will help to find out if Chapter 7 bankruptcy in Seaside CA is the right choice. Finances can overwhelm you sometimes. When they do, the important thing is to try and look at the situation objectively. You should now understand what Chapter 7 bankruptcy in Seaside CA entails, what will happen if you file, and the benefits and problems that come with filing. Never try to do this alone. The laws and regulations can be tricky and a experienced law firm can be your greatest resource when attempting to figure out if Chapter 7 bankruptcy in Seaside CA is right for you. Stephen H. Kim, Attorney at Law 10 S Filice St #1, Salinas, CA 93905 831-221-5022