Choose Experience Where It Counts Most
Bankruptcy can be an emotionally draining experience. You and your family may fear what bankruptcy will do. The Patel Law Group of Santa Ana, California, understands the fears and pressures surrounding a pending bankruptcy and is here to help you through a troubling experience.
Chapter 7 Bankruptcy
Let us help you understand if Chapter 7 bankruptcy is right for you. It is often called a "straight bankruptcy," or "liquidation bankruptcy," and is the most common chapter. Approximately two-thirds of all bankruptcies filed each year are Chapter 7s.
In a Chapter 7 bankruptcy proceeding, you, the debtor, seek a discharge, which is a document mailed to you by the clerk of the bankruptcy court toward the end of the case. The discharge is the document, which essentially states that you are no longer legally responsible for repaying your creditors.
You will pay a price for the privilege of receiving a Chapter 7 discharge. There are three primary components to every Chapter 7 bankruptcy proceeding including assets, liabilities, and income. We'll help you understand each one.