Santa Clarita and San Fernando Bankruptcy Lawyer

Advantages of Chapter 7 Bankruptcy

Often referred to as “straight bankruptcy” or “liquidation”, Chapter 7 bankruptcy may offer numerous advantages to a debtor in the Santa Clarita or San Fernando Valley. The specific benefits you may experience will vary depending on your unique financial situation and the goals you are trying to accomplish through bankruptcy. Following are some of the advantages associated with Chapter 7 bankruptcy:

Any amount of debt may be discharged;

• Once the debt is discharged, you will be free and clear from any further obligation to pay that debt;
• Once you file your petition, all creditors must cease any debt collection efforts against you, including any lawsuits; and
• This is typically the fastest type of bankruptcy. You may be able to have all eligible debt discharged within 4 to 6 months.

Working with an attorney is the best way to ensure that you have the opportunity to take full advantage of the many benefits that a Chapter 7 bankruptcy may have to offer you and your family. This is an aggressive form of debt relief, and it is important to fully review all of the effects it may have on you right now and into the future. When you discuss your case with a Santa Clarita or San Fernando bankruptcy lawyer at Cutter & Lax, you can find out more about what to expect with this form of bankruptcy so you can make the right choice about filing.

Chapter 7 Bankruptcy Attorney Serving the Santa Clarita and San Fernando Valleys

There are also potential disadvantages that may be associated with Chapter 7 bankruptcy, including the risk of losing property and assets as well as the negative impact on your credit score. However, California law provides certain exemptions to protect your property and there are ways to rebuild your credit.

Find out more about the positives and negatives involved with Chapter 7 by contacting a San Fernando or Santa Clarita Bankruptcy Attorney at our law offices today.