About Filing Chapter 7 Bankruptcy in Pomona CA

Pomona bankruptcy attorneyIf you are overwhelmed with debt, credit card bills and medical bills you may feel hopeless. There is a way to get out from under this debt, even if you have lost your job, have gone through a divorce or worse, experienced the loss of a spouse. A Chapter 7 bankruptcy is a legal process whereby you can eliminate your unsecured medical and credit card debts and be free to start over again financially.

The most important thing you can do is find out if you qualify for Chapter 7. It may sound odd that you have to qualify to be bankrupt, but your income has to be within a certain limit over a six month period in order to be eligible to file a Chapter 7. This is determined by taking the means test.

The means test is a way for you to find out where your income falls as to the limits set forth allowing Chapter 7 in the State of California. You can find means tests online and from the bankruptcy courts.

If your income and debt are in the right combination you may be able to file a Chapter 7. But, before you can actually file the paperwork, which is long and involved, you also have to have a credit counseling meeting.

You will also want to find out what property and assets you have that are exempt. This means you get to keep your home, your car or your other assets even after you file. The laws are specific and can be complicated to understand. It is helpful to meet with a bankruptcy attorney in Pomona CA to find out more.

You may find out that it is better for you to sell your home than file bankruptcy. It is a process that can take about seven months and it will harm your credit. You might find out that you are already what is known as judgment proof. If so, you can handle getting out of debt in different ways. Your attorney will help you.

One of the scariest things to go through when you are burdened with debts is harassing creditor phone calls and letters. With a bankruptcy filing, if it is right for you, you can eliminate these calls and most all of your unsecured debts. This can make it so much easier to move on and start over again.

There are some debts that will not get eliminated in a bankruptcy. These include child support, student loans, and tax debts. If you have any of these debts consult with your local Chapter 7 bankruptcy attorney Pomona CA for more information.

They will go over all the steps you must take to qualify and to file. If it is worth it for you, they will also walk you by hand through the process of correctly filing a petition. Get the help of an expert so that you can make certain that you qualify for a Chapter 7 and that it is your best option for starting over again.

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