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.
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:
- 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!
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 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 point and the cost for his services was absolutely reasonable. If I ever need legal service again in the future, he is my go to guy. Love him!- Elizabeth C.
Nobody ever hope to find themselves filing for bankruptcy but when I did, my first call with Kevin put me in such ease that I knew I found the right person to help me.- Leslie I.
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 throughout the entire process, and personally accompanied me at my hearing. I would highly recommend his services.- Ashley T.
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 seeking debt relief assistance. Bankruptcy can be a very scary situation and I through out the entire process I felt well guided and taken care of by 1st California Law. Thank you for everything.- Melissa L.
I recently filed for my Chapter 7 through Mr. Kevin’s law firm and I could not be happier with his services. All of my concerns and worries were eliminated when Mr. Kevin thoroughly explains the process of bankruptcy filing and court hearing. The actual court hearing is very simple and to the point, just as Mr.Kevin said. In all, i highly recommend Mr.Kevin as an attorney for anyone who is in need of financial debt relief. He is kind, transparent, and dedicated to his profession. I'm glad i have had a chance to work with Kevin.- Bruce
It was the best experience ever with Kevin, I consulted several attorneys regarding my bankruptcy before I went to Kevin, and Kevin was very helpful and also the fees is very good. It was so easy to prepare my filling with him and he kept me updated with everything and tell me everything I need to know even if I didn't ask for it. Kevin show up with me in court and he was very helpful in getting over this stressful situation easily and smoothly, highly recommended him and his office if you look for any financial relief advice or help. Thanks Kevin.- AA
I'm 100% satisfied with his service I highly recommend to anyone!- Vivian
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