Chapter 7 Bankruptcy is a popular bankruptcy option in Fresno, California, and across the United States because it will allow an individual to liquidate all of their non-exempt assets and eliminate their unsecured debt by converting their assets to cash and allowing a trustee to distribute the earnings to creditors. In most Chapter 7 Bankruptcy cases you may be able to have your debts discharged with in four months after the bankruptcy petition is filed.
Prior to filing for bankruptcy, a Fresno Bankruptcy Attorney should be consulted. Under current bankruptcy laws certain individuals will not be allowed to file for Chapter 7 Bankruptcy. A Fresno Bankruptcy Attorney can determine if you pass a “means test” and are eligible to file for Chapter 7 Bankruptcy. If you do not qualify for Chapter 7 Bankruptcy you may still be able to file Chapter 13 Bankruptcy and develop a debt repayment schedule.
If you are considering personal bankruptcy it is important to discuss the potential impact on your financial future. Many individuals are desperate and need immediate debt relief and filing for Chapter 7 Bankruptcy may be your only option, but bankruptcy is a serious financial decision and should not be made prior to talking to a Fresno Bankruptcy Attorney.