Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is also referred to as a straight bankruptcy or liquidation. A business or an individual may file for Chapter 7 if they have a great deal of debt and there is no way they can repay this debt.  When this is the case, it is best to contact an attorney at Erica Bloom Law to find out if Chapter 7 is right for you. If so, you will want a bankruptcy lawyer who specializes in Chapter 7 Bankruptcy – and that’s us.

Generally speaking, this form of bankruptcy will wipe out the majority of debt and allow an individual to start over. However, even if there may still be some financial obligations that must be paid, you will still have the chance to start over and gain control of your finances. On the other hand, the discharge of debt does not always apply to a business since it is able to liquidate assets in order to lower its debt.

Stop Harassment from Creditors 

When we file a Chapter 7 Bankruptcy petition on your behalf, a stay on your credit will go into affect right away. Creditors will no longer call you or take other actions to collect a debt unless they are able to get an order to do some from the bankruptcy court. Unless this happens, the harassing phone calls will come to an end once the paperwork is filed.

Debts to be Discharged 

There are some debts that can be discharged when filing for Chapter 7 Bankruptcy. These debts include:

  • Personal loans
  • Credit card debts
  • Repossessions
  • Claims from an auto accident
  • Medical bills
  • Judgments
  • Debt from businesses
  • Leases
  • Guarantees
  • Claims due to negligence
  • Specific tax claim

On the other hand, there are some debts that cannot be discharged. The lawyers at Erica Bloom Law can explain this in detail on a case-by-case basis.

Why a Chapter 7 Lawyer is Needed 

Bankruptcy is a big financial decision and there can be a great deal of stress involved. The lawyers at Erica Bloom Law will keep track of all the filing deadlines and documents to make sure everything is handled on time. If something is missed when filing for Chapter 7 the case can be dismissed. This means the case may need to be refiled and you would still be responsible for paying your debts in the meantime. The lawyers at Erica Bloom Law will make sure this doesn’t happen. They can also schedule hearings and meetings with creditors to take the stress off of you.

Time is Important 

Timing is very important when filing Chapter 7 Bankruptcy. This is the chance to start over. The sooner the process is started the sooner you will be able to complete the paperwork and get out of debt. You can then take the necessary steps to rebuild your credit and get back on a track financially.

To talk to an experienced member of our team, contact Erica Bloom Law at 760-683-8757.  We will listen closely to your case and answer anymore questions you may have.