Bancruptcy Chapter 7

Bancruptcy Chapter 7 is where you wash your hands of all debt, and do not pay any of it back. This Chapter 7 bankruptcy is different from Chapter 13 bankruptcy, where you make payments over 36 months.

One major concern of many people about bancruptcy is whether they have to give back any of their possessions if they file bancruptcy. The answer is that it depends on how much "stuff" you have, but if you're like many people who don't own much, have no real estate or other major things, chances are that the harassing creditors won't be able to get their hands on your stereo, your CD collection or, since you're viewing this on the web, your computer.

You'll want a skilled bancruptcy attorney to help you with this, particularly if you're in California. The Chapter 7 California bankruptcy exemptions in California are different than most states, and good bankruptcy lawyers can help protect most (if not all) of it for you. So remember, the difference between this and Chapter 13 is that you don't make payments on your debt. Discharging your debt with nothing to your creditors is the essence of a Chapter 7 Bancruptcy.

Contact a bancruptcy attorney in Southern California