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Chapter 7 Bankruptcy Attorney Richmond CA

Do You Need a Chapter 7 Bankruptcy Attorney?

It’s time to consider bankruptcy in Richmond 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 Richmond 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

Richmond 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 Richmond and the surrounding areas.

More About Hiring a Chapter 7 Bankruptcy Attorney in Richmond 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 common option for people who want to state them bankrupt. In fact, when people 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 a systematic procedure. Particularly, after the introduction of the new laws in October 2005, now, it has actually ended up being mandatory for you to pas a Means test and go through a credit therapy procedure from a government approved credit-counseling agency.

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

Means Test

First, you need to pass a Means test, where all your income and vital expenses are examined. The means test includes subtracting the day-to-day essential expense (the expenses that you can not live without) from the overall income on a month-to-month basis. It is only if the output is less than the mean earnings of the state, you can apply for bankruptcy under the Chapter 7 of US Bankruptcy Laws. Nevertheless, in case, the output is more than the typical earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.

Credit Counseling

Prior to you go ahead and file under Chapter 7 Bankruptcy Laws, it is essential for you to go through a credit counseling treatment. The function of presenting this step is to evaluate the actual financial circumstance of the debtor.

The credit therapy company will look into the monetary information of the debtor and will try to assist the debtor manage their financial resources and get it back on track, along with paying the debts that the debtor owe to various lenders. If there is any possibility to get 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 file 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 location, he or she must declare bankruptcy in its principal place of business or primary possessions. Overall, the main function of the chapter 7 bankruptcy laws is to help the debtor to get relief from all the debts that he or she currently owes. In this procedure, the bankruptcy court designates a trustee, who even more goes ahead with the procedure of liquidating all the properties and homes of the debtor.

The cash thus gathered is then utilized to settle the claims of the different financial institutions on priority basis, if any. The of chapter 7 bankruptcy laws use a chance for the debtors to obtain a clean slate for their monetary life, as the bankruptcy code concerning the exact same, liquidates all the assets and properties of the debtors after enabling the exemptions, in order to settle the claims of the creditors in a nearby region.

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

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