A Chapter 7 Bankruptcy is the most common bankruptcy which is also usually the most expedited bankruptcy utilized generally by individuals, couples and sometimes sole proprietorships. This type of bankruptcy often allows a fresh start and much if not all all debt to be discharged as the result of the Chapter 7 bankruptcy. Often you can discharge all credit card debt, payday loans, car loan debts and medical bills as well as well as other debt. Nonetheless, there are certain debts which are not dischargeable. Of course you should consult with a bankruptcy attorney re. whether a sole proprietorship can file for a Chapter 7 bankruptcy and to determine which type of debts are not dischargeable. Nondischargeable debts often include student loans, as well as other categories. Speak with a bankruptcy attorney regarding this.

The CA state bankruptcy laws also allow certain types of property to be exempted/ disallowed from being taken from you as the result of the Chapter 7 bankruptcy filing. Some exemptions include vehicles, clothing, household goods, certain retirement accounts and pensions, tools of the trade and sometimes your home. However, there are limitations on the dollar amount that may be exempted for all types of property that may be exempted. Therefore, it is very important to speak with a bankruptcy attorney regarding this. You do not want to lose important property including your home as the result of filing a Chapter 7 bankruptcy. A bankruptcy attorney will help exempt as much of your property as possible honestly as provided per the law.

If you’re dealing with or have questions about Chapter 7 Bankruptcy, reach out to your locally trusted bankruptcy attorney in the Los Angeles, CA area by calling (310) 594-2766 today!