Chapter 7 Start Your Path to Financial Freedom

Chapter 7 Bankruptcy Lawyer in Orange County

Do I qualify for liquidation bankruptcy?

In the United States, there are different ways that individuals can file for bankruptcy. Most people seeking bankruptcy protection will file under Chapter 7 or Chapter 13 of the United States Bankruptcy Code. Filing under Chapter 7 can give you the opportunity to eliminate your outstanding debt, as it is the liquidation form of bankruptcy that essentially wipes out all of your debt.

This method is beneficial to those who do not have any income source, or only have a little of money left to pay back the debts. In order to qualify for Chapter 7, you will need to take the means test, which will determine if you have any disposable income to pay back to your creditors. If you do not have enough disposable income, you will be allowed to file for bankruptcy under Chapter 7.

Asset Protection in Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, non-exempt assets are sold, or liquidated, to pay your creditors–the ones that are exempt will be determined by state laws. Your non-exempt assets are sold by your assigned bankruptcy trustee, and the proceeds are used to pay off your creditors. Any remaining debts are discharged, which means you will no longer have a legal responsibility to pay them.

Our Orange County bankruptcy attorney may be able to help you protect as many of your assets as possible from liquidation! Contact us at your earliest convenience for a free consultation.

In many cases, not all of your assets have to be liquidated, allowing you to protect some. There are various assets in a Chapter 7 bankruptcy that will be considered exempt based on what type of property it is, and its value.

Some of assets that are eligible to be exempt include:

  • Home
  • Furniture
  • Clothing
  • Jewelry
  • Social Security Benefits
  • Unemployment Benefits
  • Veteran's Benefits
  • Disability Benefits

At 1st California Law, we are able to assist you with cataloging your property and determining which assets you will be allowed to keep. When you work with our firm, we help you through each stage of the process at reasonable rates.

For further information on discharging your debts, contact our firm!

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Check Out Our 5-Star Reviews
  • Amazing law firm to work with, very knowledgeable, & very kind!

    “Amazing law firm to work with, very knowledgeable, & very kind. They made filing for bankruptcy easy. Kevin is a amazing lawyer, would definitely recommend to friends and family.”

    - Evelyn V.
  • Kevin made us feel at ease during a very stressful time in our lives.

    “Kevin is the best! He made us feel at ease during a very stressful time in our lives. His upbeat personality and thorough explanations made this whole process effortless. His communication was on ...”

    - Elizabeth C.
  • Being the light at the end of this scary tunnel!

    “If you're looking for legal representation for one of the scariest time of your adult life, Kevin is the person to call. Nobody ever hope to find themselves filing for bankruptcy but when I did, my ...”

    - Leslie I.
  • Made the entire process of filing my case approachable & much less stressful than anticipated!

    “Kevin was absolutely fantastic to work with. He made the entire process of filing my case approachable and much less stressful than I anticipated. He was responsive, professional, and direct ...”

    - Ashley T.
  • One of the best bankruptcy attorneys to work with!

    “Kevin Kunde was one of the best bankruptcy attorneys to work with. He was kind, informative, courteous and very knowledgeable. I would recommend 1st California Law and Kevin Kunde services to anyone ...”

    - Melissa L.
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