Fresno Family Law Attorneys

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Chapter 7

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Chapter 7 Bankruptcy Attorneys in Fresno

Liquidating Your Assets, Discharging Debts

Chapter 7 Freedom

Are you finding yourself feeling crushed under overwhelming debt and financial obligations? If your financial situation is holding you back from a reasonable repayment plan to your creditors, you may qualify to file for bankruptcy under Chapter 7. With Chapter 7 bankruptcy, a trustee will help you liquidate many of your eligible assets and in turn, have qualifying debts discharged or reduced by your creditors. While chapter 7 is not for everyone, it is a helpful and effective means of debt management for those that do qualify and are equipped with capable legal guidance.

Arnold Law Group, APC can help you understand your options when it comes to bankruptcy and determine whether Chapter 7 is the best choice for you. Call today at (559) 900-1263!

Debtors who file for Chapter 7 bankruptcy have the opportunity to eliminate their legal obligations to pay unsecured debt. Types of debt that can be eliminated in a Chapter 7 bankruptcy include but are not limited to:

  • Credit cards
  • Medical bills
  • Utility bills
  • Personal loans

What debts are not dischargeable?

Debts for property, such as houses, cars, boats, and recreational vehicles are classified as secured debts. If you have this type of debt, you can eliminate the debt but you may have to have that property liquidated. You also may be able to reaffirm the debt and keep the property. Not all debts are dischargeable, however.

Common types of debt that cannot be discharged include:

  • Child support
  • Spousal support
  • Tax obligations
  • Student loans

During a case evaluation, our firm can discuss the options available to you and provide you with caring and knowledgeable legal counsel. We can analyze your debts to determine how bankruptcy can help you and which chapter of bankruptcy to use.

Contact Our Bankruptcy Lawyers in Fresno

At Arnold Law Group, APC, we can help you complete the means test and determine whether you will qualify to file for bankruptcy under Chapter 7. If your average monthly income during the past six months is more than the monthly median income of an average California family, you may not be eligible for Chapter 7 bankruptcy. If your income is below the average family, then you can move forward with filing under this chapter.

Filing under Chapter 7 can provide many benefits. Once your bankruptcy petition is filed with a federal bankruptcy court, creditors receive notice that you have filed and will not be able to contact you to collect payments. With this automatic stay in place, you receive many protections.

Contact our firm at once to learn more about how we can help you with this process.