Bankruptcy Lawyer in Sacramento

Chapter 7 bankruptcy is the simplest, quickest and most common form of bankruptcy, and is available to individuals, married couples, corporations and partnerships. Although Chapter 7 is available to many, your eligibility and specific personal situation should be evaluated by a qualified Stockton bankruptcy attorney prior to taking any action. Another bankruptcy route may be more beneficial for certain individuals, and certain high-earners may not be eligible for Chapter 7. The most important aspect of determining whether to file Chapter 7 is the amount of exempt and non-exempt items the individual has in their possession. Only a qualified bankruptcy attorney in Stockton can help determine whether Chapter 7 is right for you.

Chapter 7 Bankruptcy Means Test

The means test is a way of determining whether an applicant requires the use of Chapter 7 bankruptcy – a form of bankruptcy that is meant for lower income individuals. In order to file for a Chapter 7 Bankruptcy in California, you will need to prove that your income is below the California median for a household your size. Certain individuals are exempt from the means test, including filers whose debts are not consumer debts and disabled veterans who incurred their debt during active duty.

Filing Chapter 7 Bankruptcy

If you are thinking about filing bankruptcy, make sure to seek guidance from a qualified Stockton bankruptcy attorney. The attorney will require some financial information to complete the necessary forms for filing bankruptcy. This information will include:

• your property
• your current income and monthly living expenses
• your debts
• property you claim the law allows you to keep through the Chapter 7 bankruptcy process called exempt property
• property you owned and money you spent during the previous two years, and
• property you sold or gave away during the previous two years.

There are two types of exemption systems available in California, each has its advantages and it’s important that you consult with a Stockton bankruptcy attorney regarding your specific situation.

Automatic Stay

Once you have filed for Chapter 7 bankruptcy, the automatic stay is put into effect. This stops almost all of those calls from collectors. In addition to the calls, it will also put an end to most wage garnishments, and will prevent the utility companies from stopping your service. There are only a few organizations that are exempt from the automatic stay – the most commonly encountered is the IRS.

Filing Bankruptcy is Easy with the Help of a Bankruptcy Attorney!

If you are even remotely thinking about filing for bankruptcy, you are likely already experiencing the harassment of creditors. The collection agents will not let-up, they will only get worse. The sooner you file, the sooner you can breathe easy. Call our Stockton bankruptcy attorney today if you have significant delinquent debts. Our experienced team will assess your current financial situation and determine the best course of action. Whether it be a Chapter 7, Chapter 13, or even a Chapter 11 filing, our Stockton bankruptcy attorney can help you today!