When your financial commitments are too hard to repay it may be time to consider filing for Chapter 7 bankruptcy in California. Price Law Group has California bankruptcy attorneys across the state and can review your financial situation to help determine if you are a good candidate for Chapter 7 bankruptcy. Speak with our California bankruptcy attorneys today for more information by calling 866-210-1722.
Chapter 7 bankruptcy, otherwise known as ‘liquidation’ or ‘straight bankruptcy’ is a form of protection from creditors and relief from many of the debts that have contributed to your overall financial hardship. There are several factors for determining whether or not you qualify for Chapter 7 bankruptcy.
The first means test as to whether or not you qualify is your income level. California residents must make less than the median income for the people in your specific area. If you make more than the median income in your area, we can help you determine your disposable income to see if you are still eligible for Chapter 7 bankruptcy in California.
Your disposable income is calculated over a 5 year period to see how much money is available to repay your debts, less monies that are reserved for rent, utilities, and money owed on items not in the bankruptcy. If this amount is less than $10,000 you are eligible for Chapter 7 bankruptcy.
Start the filing process for California Chapter 7 bankruptcy with Price Law Group. Let us work with you one on one and review your financial situation to see what the best options are to help you take control of your financial future. Reach us today for more information at 866-210-1722.