What Is A Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy is known as a liquidation chapter, which will provide an immediate discharge of all your debts. The process takes about three months and in most cases, people can keep all their property and assets.

What Are The Requirements To File For Chapter 7 Bankruptcy Under California State Law?

The first and foremost test is the means test, which determines whether there is a presumption of abuse based on their household size and if they meet the median income threshold per state.

What Is The Means Test In California?

The means test is a test to determine the person’s qualifications for Chapter 7 bankruptcy based on their income and household size.

What Are The Chapter 7 Bankruptcy Exemption Rules For California?

Exemption rules provide for the ability to protect the equity debtors have in their property. There are two sets in California, providing a focus on either real estate property homestead or personal property.

What Type Of Debt Typically Is Discharged In A Chapter 7 Bankruptcy?

Most debts are dischargeable with some exceptions, which include student loans, taxes under a certain age, domestic support obligations, debts arising from dissolution of marriage or other civil penalties, and monies owed to government authorities.

What Assets Will I Be Able To Keep In A Chapter 7 Bankruptcy?

Most people who qualify for Chapter 7 bankruptcy will be able to keep all their property due to exemptions allowed by California State.

For more information on Chapter 7 Bankruptcy In California State, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (866) 651-6118 today.