What is Chapter 7 Bankruptcy?
Chapter 7 is a simpler form of personal bankruptcy than Chapter 13. This form provides for the liquidation of the debtors property and estate. By eliminating your other debt, you may once again be able to afford to pay your home note.
Advantages of Chapter 7
No plan of repayment is required
Honest individual debtor is given a fresh start
All or almost all debts are discharged
Some property is exempt and protected, usually your home
Collection activity is stopped via automatic stays on all collections
Debtor can convert to Chapter 13
Debtor can reaffirm some debt which will retain the debt and collateral for the loan, usually an automobile
How it works
A petition is filed with a bankruptcy court
Also filed are a schedule of assets and liabilities, a schedule of current income and expenditures, a schedule of current contracts and current leases, and a statement of financial affairs
The debtor must also file a certificate of credit counseling, a copy of a debt repayment plan developed through that counseling, evidence of payment from employers received 60 days before filing, a statement of monthly net income and anticipated increases in income or expenses after filing, and a statement of interest in federal or state qualified education of tuition accounts
The debtor must file a schedule of exempt property
The debtor must provide the Chapter 7 case trustee with a copy of tax returns for the most recent tax year and any returns filed during the case.
The trustee will hold a meeting of creditors. The debtor must attend the meeting and answer all questions.
Chapter 7 discharge
A discharge releases you from personal liability for most debt and prevents collection actions from creditors for those debts.

You should consult an attorney due to the many exceptions and exemptions within a Chapter 7 bankruptcy.

Secured creditors may be able to seize some property even after a discharge.

To realize the full benefits of a Chapter 7 bankruptcy, call a Glendale Bankruptcy Attorney today at the Law Offices of Raffy Boulgourjian!


Los Angeles Bankruptcy Lawyer in Southern California Areas of Burbank, Glendale & Pasadena.


Do You Want a Better Future? A New Beginning?

You may have not considered bankruptcy as a solution to your financial problems. For many of us it is the best and perhaps the only way to take the pressure off now and secure the future for our families and ourselves.
There is no ‘one’ circumstance for bankruptcy relief…
  • Maybe you’ve been out of work now, many have for months or over a year. You really have few job prospects.
  • Maybe you were used to living on two incomes and now you’re down to one.
  • Maybe, you started a business when things were going well and now you find you can’t keep it going.
  • Perhaps You have invested in property that you can’t rent right now.
Real unemployment is approaching 17% across the country and higher in many states. Home values in some areas are dropping like a rock, but the mortgage still has to be paid. It’s tough out there and you know it. Ask for help.

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Ontario, CA 91761
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