Yakima Chapter 7 Attorney

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy can be a viable debt relief solution for those who are struggling financially and who are in an income bracket that qualifies. Chapter 7 of the U.S. bankruptcy code is the most filed for form of bankruptcy. You may only file for Chapter 7 bankruptcy relief once every 8 years. In Chapter 7, all of your unsecured debts such as credit card debt and medical bills can be discharged. As the debtor , all of your non-exempt property is assigned to a bankruptcy trustee. The trustee will liquidate the assets and divide the proceeds amongst the creditors owed. The trustee will negotiate the amount owed with the creditors as the proceeds will not be enough to settle the original amount of the debts owed. Another important thing to remember when filing for Chapter 7 bankruptcy is to be completely honest regarding your assets, as any assets left off of these forms can result in steep penalties and possibly even a federal prison sentence.

Not everyone qualifies for Chapter 7 bankruptcy. Before someone can be cleared of their non-secured debt with this form of bankruptcy, they must pass a means test. This is basically a test to see if someone's income falls within the bracket that this chapter was created for. This is done to prevent people from trying to abuse the system who are able to pay off their debts within their income. If it is determined that you have an above average income, you may find that a Chapter 13 bankruptcy would be more suitable to your situation. To find out more about whether or not you qualify for Chapter 7 bankruptcy and learn about the filing process, contact an experienced Yakima bankruptcy attorney .

Chapter 7 Lawyer in Yakima

At Eastwood Law, we are intimately familiar with the bankruptcy process , and can give positive guidance with every aspect. If you are experiencing financial difficulty and are considering filing for bankruptcy, we can provide personalized legal assistance and caring support.

Contact an Yakima chapter 7 attorney to get help with filing for Chapter 7 bankruptcy.