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Chapter 7 Bankruptcy Attorney in Cerritos

Work with our firm to find financial relief. Call (888) 488-8513!

When you are considering filing for bankruptcy, it is important that you contact the attorney from the Law Office of Raymond J. Seo right away. At our firm, we can assist you in understanding your case and determining the best course of action to take in order to provide you with a favorable outcome.

Under the United States Bankruptcy Code, individuals who are facing immense amounts of debt may be able to file for Chapter 7 bankruptcy. Also known as liquidation bankruptcy, Chapter 7 eliminates debts through the sale of non-exempt property to repay creditors. In order to qualify for this particular chapter, you will need to first take a bankruptcy means test and speak with a Cerritos bankruptcy lawyer from our firm.

What debts can be discharged through Chapter 7?

Under the Bankruptcy Reform Act of 2005, individuals who file for Chapter 7 bankruptcy can eliminate most unsecured debts. Credit card debt, medical bills, business loans, personal loans, claims for damages, and secured debts for which the collateral is surrendered to the creditor could all be eliminated or discharged after filing.

In order to be considered eligible for this chapter, you will need to prove that your income is significantly lower than you debts through a Chapter 7 bankruptcy means test. You can learn more about Chapter 7 and the means test by working with the Cerritos bankruptcy lawyer from the Law Office of Raymond J. Seo.

Understanding the Chapter 7 Bankruptcy Process

Once Chapter 7 bankruptcy is filed, a trustee is assigned to the case. The trustee is endowed with many duties, including the duty to administer non-exempt assets for the benefit of your creditors. If the value of your assets exceeds the amount protected under the law, the trustee may sell that asset and distribute the excess proceeds to the creditors.

Even though the trustee has this power, in practice, the vast majority of debtors are able to eliminate their debt without losing any personal assets. Most people's personal assets are simply not worth enough to compel the bankruptcy trustee to administer them for the benefit of creditors. There are debtors, however, who own valuable homes, vehicles, heirlooms, and other assets. For such debtors, it is crucial to seek the advice of a qualified attorney in order to determine whether their possessions are exempt from the bankruptcy estate.

After Chapter 7 bankruptcy is filed and the initial hearing is conducted, the debtor will receive a discharge in approximately two to three months. A discharge is a permanent court order that enjoins creditors from ever collecting the money. The discharge gives the debtor a fresh start and allows him or her to begin rebuilding credit immediately.

Get a Free Case Evaluation!

If you are interested in learning more about this chapter and to determine if you are eligible to file, we encourage you to contact the Cerritos Chapter 7 bankruptcy lawyer from the Law Office of Raymond J. Seo right away. We can be reached by completing a free case evaluation form online.

Law Office of Raymond J. Seo - Cerritos Bankruptcy Lawyer
Located at 1 Centerpointe Dr, #314 La Palma, CA 90623. View Map
Phone: (888) 488-8513 | Local Phone: (714) 521-8880.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. The Law Office of Raymond J. Seo is a debt relief agency. We help individuals file for bankruptcy relief under the Bankruptcy Code.

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