As an Orange County, CA bankruptcy attorney, many people ask me about the chapter 7 bankruptcy requirements, and more specifically, can I file bankruptcy? Despite recent changes in the bankruptcy requirements, for most consumers in California, the answer is “YES” you fit the chapter 7 bankruptcy requirements, and can file bankruptcy.
Chapter 7 Bankruptcy Requirements
There are two issues that cause clients to not qualify, or not fit the requirements for chapter 7 bankruptcy: too much income, or too many assets. It would be difficult to get into all the specifics of how income is qualified for chapter 7, but as a general matter, if your necessary living expenses (mortgage/rent, car payment, utilities, insurance, gas, food, etc.) use up all your income, you probably fit the requirements of chapter 7. As far as assets, in California the “exemptions” are fairly broad, so unless you have something of substantial value, it is most likely exempt. The most common issues come with equity in a house.
Can I File Bankruptcy? | Hiring a Bankruptcy Lawyer
It’s tough to answer this question for everyone because each individual’s financial circumstances are different, but most clients in California do qualify for a chapter 7 bankruptcy and yes, can file bankruptcy. Although most people ask: can I file bankruptcy? The real question is: Can I file bankruptcy, and not lose any assets and have the bankruptcy benefit me. For the most part, unless you have substantial disposable income, or large amounts of assets (over $100K equity in a house or a valuable business), bankruptcy is usually a great option to discharge credit card debts, personal loans, lawsuits, etc.
CA Bankruptcy Attorney | Orange County Bankruptcy Attorney
It is difficult to explain even a small portion of the chapter 7 bankruptcy requirements without going into a tremendous amount of detail, however, McFarlin LLP CA bankruptcy attorneys are available to speak to you in much more detail about your specific situation. Our bankruptcy lawyers represent clients in Riverside, Los Angeles, San Diego, San Jose, Sacramento, San Francisco and throughout California. We have offices in Orange County and Los Angeles or can speak to you on the phone about your situation at no initial charge. We would be more than happy to explain the whole process and analyze your situation for you answering all your questions. Call us today at (888) 728-0044.