Sacramento Chapter 7 Lawyer

Regain Control of Your Finances with Our Support in California

You never thought it would come to this – but it has. Maybe you've always managed your debts carefully. However, you're somehow drowning in debt that you'll never be able to repay. Month after month, you watch your interest rise higher and higher while your income stays the same. Now you're considering any options - including bankruptcy. You're not alone. More than 700,000 Americans declare bankruptcy each year. Chapter 7 bankruptcy is one of the most common and effective types of debt elimination for both corporate entities and individuals. However, filing Chapter 7 bankruptcy can also be a difficult task for those who aren't familiar with it. Stutz Law Office, P.C. is here to help.

Call our Sacramento Chapter 7 bankruptcy attorneys at (916) 884-2235 to help you file your claim. We offer free credit checks and consultations to each client to assess the facts of their bankruptcy situation.

Why Consider Chapter 7 Bankruptcy?

Chapter 7 bankruptcy can be a vital solution for those overwhelmed by debts beyond their ability to repay. It's especially beneficial for individuals facing unemployment, medical emergencies, or mounting credit card debt. The process gives debtors a fresh start by eliminating most unsecured debts, offering a legal mechanism for financial recovery. In Sacramento, the median household income as per California’s means test is crucial in determining eligibility for Chapter 7 filing. Our knowledgeable team at Stutz Law Office can guide you through these financial criteria and ensure you qualify for a fresh financial start under the law.

Moreover, Chapter 7 offers emotional relief, reducing creditor harassment and allowing clients to regain control over their lives. Filing for bankruptcy is difficult, but with compassionate professionals like those at Stutz Law Office, P.C., clients aren't alone. Our extensive experience helps in navigating the complexities of bankruptcy law, ensuring you make informed choices that align with your long-term goals.

Understanding the Chapter 7 Bankruptcy Process in Sacramento

Bankruptcy used to be a four-letter word among financial circles. However, with the average American's debt increasing in recent decades, some debtors are viewing bankruptcy as a tool to escape debt that they'll never be able to pay.

Chapter 7 bankruptcy is also called "liquidation bankruptcy." That's because it involves selling off all your assets and using the proceeds to pay back your unsecured debtors.

Unsecured debts include any type of credit without a material asset backing it. For example, some unsecured debts include:

• Medical bills
• Credit card debt
• Utility bills
• Payday loans
• Child support payments

After you declare bankruptcy, you'll be completely debt-free. There are some considerable factors to consider before you file your bankruptcy petition, though. First, your credit will take a significant hit after you file. It'll be difficult for you to open any new lines of credit, from credit cards to a Netflix subscription. Additionally, you'll need to sell the majority of your assets to raise funds to pay off your creditors. That means you'll be left without any possessions. However, with the help of a skilled bankruptcy attorney like the Sacramento lawyers from the Stutz Law Office, P.C., you'll be able to keep a significant number of assets after filing Chapter 7 bankruptcy.

Frequently Asked Questions

What Assets Can I Keep After Filing Chapter 7 Bankruptcy?

In California, certain assets are exempt from being seized during the Chapter 7 bankruptcy process, allowing you to retain essential items for day-to-day living. California offers its own set of exemptions, such as the homestead exemption, which can protect equity in your home, and exemptions for vehicles, household items, and personal effects. Considering how these laws apply to your case is critical, which is why consulting with an experienced attorney like those at Stutz Law Office can provide clarity and help you ensure the maximum benefit from these exemptions.

How Long Does the Chapter 7 Bankruptcy Process Take in California?

Typically, the Chapter 7 bankruptcy process can take three to six months, from filing to discharge. This timeline can vary based on court schedules and the complexity of your financial situation. In Sacramento, local courts carry specific procedural elements that might influence the duration, such as mandatory credit counseling and debtor education courses, which need to be completed. At Stutz Law Office, we guide clients smoothly through every stage, ensuring prompt communication and updates as your case progresses.

What Are the Long-Term Effects of Filing Bankruptcy?

Filing for Chapter 7 bankruptcy will appear on your credit report for up to ten years, potentially affecting your ability to secure new lines of credit or loans. However, many find that starting fresh without insurmountable debt outweighs the temporary credit challenges. Moreover, with guidance from Stutz Law Office, many clients successfully rebuild their credit through strategic measures post-bankruptcy. We offer insights into credit repair strategies and financial planning to empower you to regain financial well-being swiftly and responsibly.

Contact Our Sacramento Chapter 7 Bankruptcy Attorney Today

If you have any questions for a Sacramento bankruptcy attorney about the Chapter 7 bankruptcy process, call the Stutz Law Office, P.C. Our bankruptcy lawyer, attorney Matthew Decaminada, has significant experience handling bankruptcy matters. For more than two years, he handled bankruptcies for a multi-state law firm. His background in bankruptcy law makes him a potent ally for anyone who needs reliable, competent debt relief advice. Call the Stutz Law Office, P.C. today to schedule a free consultation with Matthew and get your bankruptcy questions answered.

Contact the office today to speak with a Sacramento Chapter 7 bankruptcy lawyer and begin the process.