California Chapter 7 Bankruptcy: Wiping Out Debts
Chapter 7 is the most popular form of bankruptcy filed in California ... probably because it’s so fast and painless when done right.
People who are over their heads in debt and can’t pay their bills file for California Chapter 7. It’s the legal and ethical way to end debt problems and get a fresh start in life. And that’s what Chapter 7 bankruptcy is all about.
In a Chapter 7 case, the debtor must turn over all their nonexempt property -- if any exists -- to a court-appointed trustee, who then sells the property and divides the cash proceeds among the creditors on a pro rata basis. Normally, there are sufficient exemptions to save your home, car and all of your belongings.
When you complete the Chapter 7 process the court issues you a “Discharge”, which means your debts are wiped out and you’re no longer legally obligated to pay these debts.
A Chapter 7 bankruptcy can wipe out most unsecured debts such as:
Realize that not every debt can be wiped out. Debts that can’t generally be wiped out include:
Benefits you’ll receive from filing California Chapter 7 Bankruptcy include:
If you want to read a more detailed explanation of California Chapter 7 Bankruptcy and what it can do for you, click here.
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