Chapter 7 Bankruptcy in Monterey CA
What You Should Know Before Filing Chapter 7 Bankruptcy in Monterey CA
Sometimes you can lose control of your financial situation through events such as sickness or finding yourself unemployed. Whatever the situation might be, bankruptcy may become a serious option for you. There are two types of consumer bankruptcy. Consumers can file Chapter 7 or Chapter 13. This is a short guide on Chapter 7 bankruptcy in Monterey 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 Monterey CA entails. At the end of this guide, you’ll know the basics of Chapter 7 bankruptcy in Monterey 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 Monterey CA here. We will cover how to file, what to expect, and benefits vs. disadvantages of Chapter 7 in Monterey CA. When you are done you will have a better understanding of the process of filing for Chapter 7 bankruptcy in Monterey CA.
Chapter 7 Bankruptcy in Monterey CA Defined
Chapter 7 bankruptcy in Monterey CA takes the least amount of time. Most are sell out or liquidation cases and it is the simplest form of bankruptcy. Chapter 7 will eliminate debt such as credit cards, utility, and medical bills. More of your property will be at risk with Chapter 7 bankruptcy in Monterey CA Filing bankruptcy doesn’t do all the damage to your credit, not repaying your debts hurts you more. The reality is the damage was being done the longer you accounts stayed delinquent. Sometimes your rating can improve after filing simply because the delinquent status is removed from your credit report. Chapter 7 in Monterey CA gets rid of debt by selling your assets. Next, we’ll discuss the pluses and minuses to filing Chapter 7.
Advantages and Disadvantages to Chapter 7 Bankruptcy in Monterey CA
Chapter 7 bankruptcy in Monterey CA results in a stay being issued, requiring all communication trying to collect to stop. The process of Chapter 7 bankruptcy in Monterey CA is also fast, usually only taking 3-6 months to complete the whole process. The downside is, not all your debt will be cleared. Student loans, child support along with tax responsibilities won’t be absolved. An additional disadvantage to Chapter 7 bankruptcy in Monterey CA is in rare instances property can be sold off to pay off your debt.
What Can You Expect After You File
When you file for Chapter 7 bankruptcy in Monterey CA, you’ll be required 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. Chapter 7 bankruptcy in Monterey CA might not be the right choice, we can help you decide.
Sometimes things happen and your finances get out of control. When this happens you want to look at your situation with reason. With this short guide you’ve learned what Chapter 7 bankruptcy in Monterey CA is, the advantages and disadvantages, and what to expect if you file. Don’t do this by yourself. The laws and regulations can be difficult and a experienced lawyer can be your greatest advantage when attempting to decide if Chapter 7 bankruptcy in Monterey CA is best for you.
Stephen H. Kim, Attorney at Law
10 S Filice St #1, Salinas, CA 93905
831-221-5022