Are you stuck? Have you had enough? Consider filing for a Chapter 7 bankruptcy. Chapter 7 will protect you from your creditors on ideals that you:
- Do not make enough money to pay the debts
- You do not have excess assets that may be sold to raise money to pay your creditors
Filing a Chapter 7 will provide you with a fresh start and relive you from the stress of harassing creditors calling each day. Chapter 7 bankruptcy will allow you to stop the following:
- Lawsuits
- Judgments
- Garnishments
- Bank Levies
- Repossessions
- Foreclosures
Chapter 7 is a federal court process that liquidates your debts. Both individuals and businesses can file for a Chapter 7 and the individual or business must file at the bankruptcy court assigned to the areas where they live or where their company is located. A Chapter 7 bankruptcy does not require a repayment plan. Once a debtor files for bankruptcy an automatic stay is issued which immediately stops lawsuits filed by creditors. An automatic stay also stops any other actions that others might try to act upon such as foreclosures, evictions, and shutting off utilities. A Chapter 7 takes approximately four months after the case has been filed for a case to be discharged.
Filing for Chapter 7 has specific requirements in which an individual or business must meet in order to file. For Individuals the following requirements must be met:
- Pass the means test (income is equal to or less than the median)
- Median income for single earners: $43,107.00
- Median income for a family of four: $70,172.00
- Must take a credit counseling course within 180 days prior to filing for bankruptcy protection
For a business to file for Chapter 7 the following requirements must be met:
- Must shut down the business
- Must cease all operations
Folsom Chapter 7 Bankruptcy Attorneys
Making the decision to file for bankruptcy is not an easy one. Bankruptcy is very complex and has many requirements. With the different chapters one can file, it is important to speak with an experienced and knowledgeable attorney who will assist you each step of the way. With an experienced attorney your bankruptcy will be completed correctly which means you would not have anything to lose.
At the Law Offices of Bowman and Associates you are guaranteed to have an experienced and knowledgeable attorney on your side every step of the way.
When enough is enough, contact the Law Offices of Bowman and Associates to schedule your free one hour consultation! We are here to Northern California residents and businesses, and we have offices located in Folsom and Sacramento.
