Bankruptcy Attorney: The First Consultation

Bankruptcy Attorney: The First Consultation

Kirandeep Sihota, Esq., a Stockton Bankruptcy Attorney, elaborates on the definition of Chapter 7 Bankruptcy.

I frequently have consultations with individuals who want to file for Bankruptcy, but do not know what Chapter 7 Bankruptcy actually is. One of the main reasons behind Bankruptcy law is to wipe out the debts of individuals who are hopelessly burdened with debt and give him or her a fresh start.

Chapter 7 Bankruptcy is a liquidation proceeding. It involves the liquidation of all non-exempt property by the Bankruptcy Trustee, who in turn distributes the proceeds to qualified creditors. What this means is that a debtor turns over all non-exempt property to the Bankruptcy trustee who then coverts it, usually through the sale of the property, into cash for distribution to creditors. All dischargeable debts are discharged and the person filing receives a fresh start.

Chapter 7 Bankruptcy is generally the quickest and simplest forms of Bankruptcy. In order to determine whether an individual is eligible to file for Chapter 7 Bankruptcy, the Means Test needs to be performed. Chapter 7 Bankruptcy allows an individual to keep certain exempt property, although most liens survive. Further, Chapter 7 Bankruptcy stays on an individual's credit report for 10 years.

If you are looking for an attorney who is going walk you step by step through the bankruptcy and get you that second chance you deserve call (209) 475-6001 to set up a free bankruptcy consultation. If you would like to request a copy of our Free Bankruptcy Report fill out the form to your right.

Content provided for informational purposes only and should not be construed as legal advice. Always consult with an attorney regarding any legal issues.

Kirandeep Sihota, Esq., a Stockton Personal bankruptcy Attorney at law, elaborates with the actual classification associated with Chapter Seven Bankruptcy.

We frequently have consultations with people whom would like to be able to file with regard to Chapter 7, but don't know very well what Chapter 7 Bankruptcy really is. One from the major causes behind Bankruptcy law is always to wipe out the debts of men and women that are hopelessly burdened with debt and provide her or him a new start.

Chapter 7 Bankruptcy can be a liquidation proceeding. It requires the liquidation of all non-exempt property by the Bankruptcy Trustee, who in turn distributes the proceeds to qualified creditors. What what this means is is that a debtor turns over all non-exempt property towards the Bankruptcy trustee who then coverts it, usually from the sale of the property, into cash for distribution to creditors. All dischargeable debts are discharged and the person filing receives a brand new start.

Chapter 7 Bankruptcy is usually the quickest and simplest kinds of Bankruptcy. In order to determine whether someone is permitted to apply for Chapter 7 Bankruptcy, the Means Test must be performed. Chapter 7 Bankruptcy allows a person to keep certain exempt property, although most liens survive. Further, Chapter seven Bankruptcy stays by using an individual's credit history for Ten years.

If you are looking for an attorney who's going walk you detail by detail through the bankruptcy and obtain you that second chance you deserve call (209) 475-6001 to create a totally free bankruptcy consultation. If you would like to request a duplicate in our Free Bankruptcy Report complete the shape to your right.

Content deliver to informational purposes only and really should not construed as legal counsel.

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