Chapter 7 bankruptcy is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means” test designed to determine whether the case should be permitted to proceed under Chapter 7 bankruptcy. Under a Chapter 7 bankruptcy you may claim certain property as exempt from the estate (free from creditor claims). In other words, most debtors dot normally lose any of their property in a Chapter 7 bankruptcy. This is an issue that should be discussed with an attorney and my office is happy to have that discussion with you.
Further, a Chapter 7 bankruptcy allows you to eliminate your unsecured debts (i.e. credit cards, medical bills, payday loans, auto loan deficiencies, personal loans). Some debts in a Chapter 7 bankruptcy may not be discharged (i.e. student loans, domestic support obligations, certain tax debt, fines and penalties pursuant to a criminal/restitution order.). Whether a debt is “dischargeable” is something to be discussed with an attorney and my office is happy to have that discussion.
To discuss your matter call my office at 805-739-9201 or email my office at firstname.lastname@example.org