Chapter 7 Bankruptcy is the most common form of bankruptcy for individuals. It is a liquidation bankruptcy, which means that the court sells all your assets for cash and then pays your creditors. You can keep assets that are exempt from sale either under federal law or the law of your home state. Chapter 7 bankruptcy can wipe out most of your debts. There is a “means test” for filing this type of bankruptcy. You must make less than a certain amount of money. Talk to a lawyer to see if you qualify for this type of bankruptcy. You cannot repeat this type of bankruptcy filing for 6 years.
Save Your House – California Bankruptcy will put an automatic stay on any foreclosure or eviction process
Facing foreclosure? Stay in your home and get out of debt! No more harassing phone calls!
Bankruptcy can do just that.
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