Balam Letona has the experience and knowledge of California law in terms of Chapter 7 bankruptcy. Spend a few minutes watching this video or reading the transcript to get to know about Balam and how he can help with Chapter 7 in Santa Cruz.
Chapter 7 bankruptcy is a total liquidation bankruptcy. You can eliminate most of your debt in Chapter 7 bankruptcy. You can also keep certain property.
The process works this way. You file bankruptcy on day 1, about thirty days later you have a meeting with a Chapter 7 trustee. That’s called the meeting of creditors. You go with your attorney to that meeting.
And the Chapter 7 trustee looks to see if there are any assets he can take. A good bankruptcy attorney will protect those assets and not put you in a chapter 7 bankruptcy if you are going to lose a lot of assets. He can put in you a chapter 13 if that’s the case.
After that meeting, you wait about another two more months. And if nobody opposes your bankruptcy petition or your bankruptcy, then you receive an elimination of all of your credit cards, your unsecured credit cards. And your bankruptcy is closed and you receive a letter in the mail from the court saying that all of your debt is eliminated. It’s basically an order of the court.
Many people ask what debt cannot be eliminated in bankruptcy. For the most part, student loan debt can’t be eliminated in bankruptcy, tax debt can’t be eliminated in bankruptcy and secured debt can’t be eliminated in bankruptcy.
If you have a car loan, that debt can’t be eliminated. If you have a home loan, your home loan can’t be eliminated. However, there are ways to keep both your car and your home in a Chapter 7 bankruptcy. An experienced Chapter 7 bankruptcy attorney will tell you what your options are.
Please call my office and I can help you.
