Glendale Chapter 7 Bankruptcy Attorney

Understanding Chapter 7 Bankruptcy

In this day and age, businesses, stores, credit card companies and banks all rely on the fact that you are going to accrue debt. They want you to spend money with them and sometimes the only way to do that is to get you to acquire a credit card or loan. Once you've made charges on your credit cards, gotten a new car loan or purchased a home, it is sometimes hard to keep up with the payments. All it takes is one or two missed payments and somehow it seems almost impossible to pay off your debt.

In the early stages of debt, getting yourself back on track is a little easier. However, when numerous payments have been missed and your income does not outweigh your bills, it is time to consider another option. There are other alternatives to bankruptcy of course, but because of the volume of misconceptions about bankruptcy, many people don't give bankruptcy the consideration it deserves. When you're facing mounting, impossible to manage debt and creditor harassment is getting too much to handle, bankruptcy may be a viable option.

One of the more common types of bankruptcy is Chapter 7. Unlike Chapter 11 bankruptcy which is primarily for businesses to be able to restructure, reorganize their assets and refinance in order to prevent insolvency, Chapter 7 bankruptcy is primarily to help you, as an individual, wipe out the majority of your debts and give you a fresh start. It allows you to have your unsecured debts discharged in their entirety. Any existing assets could be liquidated to help pay off creditors, however assets such as clot hes, appliances, furniture and in many cases, even your car are considered as necessary items and you would be allowed to keep them. There are some debts which are not discharged in Chapter 7 bankruptcy, including child support payments, alimony or spousal support, most taxes and other legal fines.

For businesses or corporations who file for Chapter 7 bankruptcy, their debts are not discharged per se, instead the corporation or business would simply be dissolved at the end of the bankruptcy proceedings.

There are qualifications which must be met in order to be able to file for a Chapter 7 bankruptcy. In order to determine if you meet those qualifications a means test must be performed. If you are considering filing for Chapter 7 bankruptcy or have questions as to whether or not bankruptcy would be right for you, you need to contact a Glendale bankruptcy attorney at our firm today.

Chapter 7 Bankruptcy Lawyer Serving Montrose and La Crescenta

If you or your business have found yourself in a situation where you are unable to keep your financial head above water, you would be smart to consider the option of filing for bankruptcy. Regardless of how bad it seems, and whether or not you've attempted debt settlement or debt negotiation options, you need to contact a Chapter 7 bankruptcy attorney from our firm.

We have over 10 years experience helping clients resolve their debt situations through bankruptcy proceedings. We believe in giving our clients the dedicated attention they deserve and work hard to help them get their lives back on track. The good news is there is life after bankruptcy and the dedicated attorneys at our firm can help you get there.

If you have questions about Chapter 7 bankruptcy or want to find out whether you qualify, contact a Glendale Chapter 7 lawyer at The Law Offices of Khachik Akhkashian today.