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Chapter 7 Bankruptcy Attorney Oakland CA

Do You Need a Chapter 7 Bankruptcy Attorney?

It’s time to consider bankruptcy in Oakland CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.

Chapter 7 Bankruptcy Lawyers Near Me in Oakland CA

Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.

Free Bankruptcy Consultation – Call Now (855) 997-4655

Oakland Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Oakland and the surrounding areas.

More About Hiring a Chapter 7 Bankruptcy Attorney in Oakland CA

You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.

A Second Chance

Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.

The Chapter 7 Bankruptcy Laws are the most typical alternative for individuals who wish to declare them bankrupt. In fact, when individuals speak about this subject, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Filing for bankruptcy according to Chapter 7 of Bankruptcy Laws is an organized procedure. Specifically, after the intro of the new laws in October 2005, now, it has become mandatory for you to pas a Means test and go through a credit therapy procedure from a federal government approved credit-counseling agency.

Finding an excellent and knowledgeable bankruptcy attorney especially if you live in Oakland or in a nearby city.

Means Test

First, you have to pass a Means test, where all your earnings and vital expenditures are assessed. The means test involves subtracting the day-to-day important expenditure (the expenditures that you can not live without) from the overall income on a month-to-month basis. It is just if the output is less than the median earnings of the state, you can file for bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the mean earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.

Credit Counseling

Prior to you go on and file under Chapter 7 Bankruptcy Laws, it is necessary for you to go through a credit therapy procedure. The purpose of introducing this step is to examine the actual financial circumstance of the debtor.

The credit counseling agency will check out the financial information of the debtor and will attempt to assist the debtor manage their finances and get it back on track, along with paying the debts that the debtor owe to various lenders. If there is any possibility to obtain the financial resources of the debtor handled, the debtor will not have the ability to declare bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.

When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws

chapter_7_bankruptcyThe debtor should apply for bankruptcy under chapter 7 in the location where he or she is irreversible citizen. If the debtor is running a business in a particular area, he or she must apply for bankruptcy in its principal place of business or principal properties. Overall, the primary purpose of the chapter 7 bankruptcy laws is to help the debtor to obtain remedy for all the financial obligations that she or he presently owes. In this procedure, the bankruptcy court designates a trustee, who further goes ahead with the procedure of liquidating all the possessions and homes of the debtor.

The money thus collected is then used to settle the claims of the various creditors on concern basis, if any. The of chapter 7 bankruptcy laws provide a chance for the debtors to get a clean slate for their monetary life, as the bankruptcy code regarding the exact same, liquidates all the assets and homes of the debtors after allowing the exemptions, in order to settle the claims of the financial institutions in a nearby region.

In this manner, the court brings the desired debt relief for the debtor.

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