Chapter 7 bankruptcy articles so you can learn all about the pros and cons of filing Chapter 13 bankruptcy written by founding attorney, Norma Duenas.
Chapter 7 bankruptcy is a considered a ‘liquidation bankruptcy’ as it wipes out most or all of your general unsecured debts such as credit cards and medical bills without the need to pay back balances through a repayment plan as you would have in a Chapter 13 Bankruptcy.
How do you qualify for Chapter 7 bankruptcy?
To qualify for a Chapter 7 bankruptcy, the debtor must earn less than the state median income on a monthly basis and submit to a “means test.’ The means test examines your financial situation, including income and expenses, along with secured debts (mortgages and car loans) and unsecured debts (credit card bills, personal loans, medical bills, etc.).
Free Phone / Office Consultations
Orange County bankruptcy attorney, Norma Duenas, offers FREE phone and in-office consultations. To have a a phone consultation or to schedule and office ‘sit-down’ meeting, call (866) 337-7220. Southern California Law Advocates, P.C. has office locations in Santa Ana (Orange County) and Temecula (Riverside County) for your convenience.
Does Filing Bankruptcy Stop a Rental Eviction?
Filing for bankruptcy can slow down or stop an eviction process. It is important that you file bankruptcy prior to a judgment for eviction being entered.