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Chapter 7 Lawyer in Palmdale

About Chapter 7 Bankruptcy

Bankruptcy is a legal remedy available to individuals and businesses overwhelmed by too much debt. Chapter 7 bankruptcy is also often called "personal bankruptcy" or a "liquidation bankruptcy". Chapter 7 allows individuals relief from most types of unsecured debt and provides protection from creditor collection action. The taking of a means test to establish eligibility to file for Chapter 7 is now required. To qualify your income must be less than the median income for your area as established by the IRS. If it isn't continue to the next part of the means test. In this part your disposable income (income less expenses) calculated over five years must be less than $10,000 and less than 25% of your unsecured debt. If your disposable income is less than $100 per month you qualify for Chapter 7. If after taking the means test you find you are not eligible for Chapter 7, you may file a Chapter 13 bankruptcy. Since the means test is somewhat complicated, it is best to have the advice of a Palmdale bankruptcy lawyer to ensure all your qualifying expenses have been included correctly.

Palmdale Chapter 7 Bankruptcy Attorney Serving Lancaster and the Antelope Valley

It is a common misconception that in a liquidation bankruptcy the debtor is left with almost nothing. In fact, 96% of those who file Chapter 7 in the U.S. lose nothing. Upon completion of the bankruptcy process, the filer may retain a vehicle up to a certain value, tools used in a business or trade to a certain value, a certain amount of equity in a home, household furnishings, appliances, and clothing and personal possessions not exceeding a certain value. 401K and approved pensions are usually not part of the bankruptcy estate. Not all debts are eligible for discharge. Spousal support and child support payments, most tax debt and student loans will not be discharged. A skilled Chapter 7 attorney at Price Law Group can clarify which debts will be dischargeable and which assets can be excluded.

In order to gain the relief from debt you are legally entitled to, and retain the maximum in assets and possessions, it is vital that you work with a bankruptcy lawyer you can depend on to give your case the personal attention and guidance which comes from many years of experience.

Contact a Palmdale chapter 7 bankruptcy attorney for skilled legal representation.

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