Filing Chapter 7 Bankruptcy in Murrieta

When people find themselves in difficult financial situations, there are several avenues they can take in order to work through these situations and move forward with their lives. One of the this alternatives is to file Chapter 7 in Murrieta. Chapter 7 is a form of bankruptcy that aims to cancel most, if not all, of an individual’s debts. However, in order to eliminate the individual’s debts, they must first liquidate, or sale, all of their assets of valuables in order to pay off each of their creditors. In some arenas, Chapter 7 bankruptcy is also referred to as liquidation or straight bankruptcy. In order to qualify for this form of bankruptcy, the individual must first have enough property or assets to sale off in the first place. Additionally, they will also be required to complete a counseling session where a court appointed representative will determine if they qualify to file and to ensure that they understand the terms of the arrangement. The most important thing to remember when it comes to filing Chapter 7 bankruptcy is that if you have previously filled bankruptcy, you will likely not qualify for a Chapter 7 filling. However, if you have had a bankruptcy discharged within the last 6 to 8 years, you might be able to qualify for this type of filing. What is more important is that you speak with an attorney who specializes in bankruptcy proceedings in order to better examine your specific situation and determine not only if you are eligible for Chapter 7, but whether or not it is the best alternative for you. It is also important to understand that a Chapter 7 bankruptcy filing is considered a fix to your current financial situation, but should you have any further issues in the future, you’ll be required to address them on your own. In order to better prepare individual’s for a more secure financial future, often times as part of the filing process, you are required to also attend a credit counseling program. During these programs they provide you with the tools and knowledge you need to better manage your finances and secure a solid financial future.