Why You Should File Chapter 7 Bankruptcy in Oceanside

What do you do, when you feel like you are sinking in debt? For the past few months, nights have become longer than usual. Creditors won’t stop calling your home phone number, your property is on the verge of repossession, and the garnishment of wages has become intolerable. It’s time to take a drastic measure.

Have you considered filing for bankruptcy? At Chang & Diamond, APC, we have a team of dedicated lawyers who are ready to take you through Chapter 7 bankruptcy. We understand that you may not know, but we can provide the necessary information, till you are properly equipped with means to win your case. Here are some reasons why you should file for Chapter 7 bankruptcy.

You receive a fresh start- Chapter 7 bankruptcy is designed for people who are earning a little income and have little or no assets. Here, the debtor’s nonexempt assets are liquefied to repay all or some of the creditors. In return, any of his unsecured debt is discharged. However, you should know that not all debts are dischargeable. They include alimony, student loans, and certain taxes. Even though the debtor loses some of his/her assets, they still get a clean slate.

You get to keep future income- Generally, your income and the property you acquire after declaring Chapter 7 bankruptcy is not part of your bankruptcy estate. However, the property you acquire 180 days after your bankruptcy case is considered part of your bankruptcy estate together with inheritance. However, whatever you earn after a six-month period is yours to keep.

Our bankruptcy attorneys in Oceanside understand the intricacies of filing for Chapter 7 bankruptcy and work to ensure that your interests are protected.

No repayment plan- debts are treated differently in bankruptcy. They are divided into secured debts and unsecured debts. When the Chapter 7 case is terminated, all your unsecured debt is discharged. However, a select group of unsecured debt including taxes and student loans may not be discharged. With that exception, all the other debts are eliminated 100%, and no payment plan is required. Even if you make more money, and you wish to file under Chapter 7, nothing has proved too tricky for our bankruptcy attorneys.

Debt relief occurs fast- A typical Chapter 7 case takes at least two to three months for the debt to be discharged. This period is pretty short if you ask a lawyer. In just a matter of a few days, our Oceanside bankruptcy lawyers will file for your bankruptcy, get you debts discharged and give you back your financial freedom.

Filing for Chapter 7 bankruptcy is easy- however, it is not so easy representing yourself in a Chapter 7 bankruptcy case. It is therefore prudent to hire our bankruptcy attorneys, as you never know when a situation may arise that needs expert handling. Due to the fact of your future income not being a part of your bankruptcy estate, you are not required to make any monthly payments or reports.

Recover faster from a Chapter 7 bankruptcy- you will be surprised how soon your credit can get back on track after filing for Chapter 7 bankruptcy. In fact, if your payment history is good, you can qualify for a loan in two years after termination of your case.

The bottom line is that not everyone will be eligible for a Chapter 7 bankruptcy. However, our Oceanside bankruptcy lawyers always make it a point to evaluate you, and to check your eligibility. It doesn’t cost a dime to find out how we can be of service to you. Contact Chang & Diamond today and join the long list of our absolutely satisfied clients.