Raxter Law / Menifee Lawyer / Menifee Attorney / Menifee Bankruptcy Lawyer / Menifee
CHAPTER 7 - What is a Chapter 7?
Chapter 7, also known as a “liquidation” is intended for debtors who have no ability
to pay any of their unsecured debts on a monthly basis. The point of bankruptcy in
general is to obtain a discharge of debt, meaning the you will never have to pay
that debt, giving you a fresh financial start. Although some debts are not dischargeable,
the majority of debts can be discharged. The “discharge” is among the most powerful
remedies available under the law. The law regarding bankruptcies changed in 2005.
From the moment you file the petition the typical Chapter 7 case lasts
approximately 90 days. So this means in as little as three months you can have a
fresh start and move on with your life.
Once the Chapter 7 bankruptcy petition is filed, the bankruptcy petitioner (you)
will be given a date for his or her Meeting of Creditors (also known as a 341 Meeting),
which is generally scheduled for about a month after the bankruptcy petition is filed.
Your skilled, established lawyer at the local
Why would some law offices send someone you never met to appear with you at the
hearing? I’m not sure, but my philosophy is that we started this process together
we’ll end it together.
Keep Your Exempt Property
In California, a debtor can elect from one of two categories of exemptions, depending
on the type of property owned and the amount of equity that exists. Let me help you
determine which category is better for you. If you qualify, you can keep certain
exempt property such as: