Bankruptcy Law

 

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Our Sacramento Consumer Bankruptcy Services

Are you looking for a qualified law firm to assist you with your debt relief needs? BPE Law has been serving the residents of the greater Sacramento area for over 15 years. We provide efficient and cost-effective representation for consumer debtors who need a Chapter 7 Bankruptcy.

Working with A Bankruptcy Law Professional

Bankruptcy can be a complex process. It requires a thorough evaluation of an individual’s assets, employment and income information, debts, and liabilities. As such, it’s essential that you work with a qualified attorney to complete your Chapter 7 Bankruptcy Filing. Your BPE Law attorney will guide you through this process and will answer any questions you may have about bankruptcy law in California.

What is a Chapter 7 Bankruptcy?

At its heart, a Chapter 7 Bankruptcy is designed to give debtors a fresh start. Good planning will help protect exempt assets and ensure that the debt relief is maximized.

Chapter 7 is a liquidation Bankruptcy. In a Chapter 7 Bankruptcy, a debtor’s nonexempt assets are liquidated by the Chapter 7 Trustee to repay their debts. However, a debtor is afforded exemptions to certain assets so that they will not be liquidated, and they can keep them after they file for Chapter 7 Bankruptcy. In most instances, there are little or no non-exempt assets left for the Chapter 7 Trustee to liquidate to repay the debts. Whether or not the Chapter 7 Trustee is able to liquidate assets and repay some debts, a debtor will still obtain a discharge and no longer be responsible for payment of the debts.

What are The Components of Chapter 7 Bankruptcy Case?

Bankruptcy law can be very complex. However, a Chapter 7 Bankruptcy filing need not be overly difficult. When you meet with your attorney, you will discuss several different components of obtaining debt relief through bankruptcy. You will then provide documentation that will assist your attorney in completing your Bankruptcy Filing. Your BPE Law attorney can discuss all of the following with you.

  • Determination of Eligibility and Exempt Assets

    Demonstrating eligibility for a Chapter 7 Bankruptcy can be difficult for individual debtors. BPE attorneys have the expertise and attention to detail needed to ensure that all necessary documents are obtained to evaluate a debtor’s eligibility to file for a Chapter 7 Bankruptcy. Filing for a Chapter 7 Bankruptcy when you are not eligible can cost additional time and money.  As can failing to properly identify assets that are exempt from liquidation in the bankruptcy estate. BPE attorneys will help you secure your peace of mind in confirming whether you can discharge your debts while protecting certain assets like your home.

  • File Petition

    A bankruptcy case begins with filing a petition with the respective federal court in your local federal district. Documents required for the preparation of an individual consumer bankruptcy petition include a Schedules of Assets, Schedules of Debts, and Income/ Expense Schedules, Statement of Financial Affairs, Means Test Documents, Statement of Intentions, and Proof of Credit Counseling. BPE will assist you in filing a complete petition to maximize your potential for a successful filing.

  • Automatic Stay

    After the bankruptcy petition is filed, an automatic stay under 11 U.S.C. § 362 gets imposed. In other words, the automatic stay refers to a temporary legal protection that prevents creditors from proceeding with collection efforts.

  • Meeting Required Filings and Deadlines

    The filing of the petition triggers a wide array of duties for the debtor filing for bankruptcy, which include filing and producing certain financial documents and proper disclosure forms. It is very important that the debtor provide all the necessary information and documents that need to be processed with the Bankruptcy court as a failure to cooperate can lead to a dismissal of the case.

  • Working with Bankruptcy Trustees

    BPE attorneys will help you to work with the Bankruptcy trustee – that is, the key player that is appointed by the court and has the duty to oversee the bankruptcy process – conducts an interview of the debtor under oath. The debtor is required to cooperate with the trustee and provide any and all documents or information requested. BPE attorneys will streamline communication with the Bankruptcy Trustee and make sure that all requested information is provided.

  • Creditor Meeting

    Approximately, forty (45) days after the initial filing of the petition, the debtor conducts the “Meeting of the Creditors,” which is conducted pursuant to 11 U.S. Code §341. BPE attorneys will make sure you are well prepared and will attend the creditors meeting with you so that you are protected during the creditors’ lines of questioning.

  • Entry of Discharge

    A discharge of the debtor’s debt usually comes sixty (60) days after the “Meeting of Creditors.” Assuming that there are no objections from the creditors or the trustee as to the discharge, the debtor will most likely receive an entry of discharge at this date.

    The effect of the bankruptcy discharge is to release the debtor from personal liability for the enumerated debts that were part of the bankruptcy case. This prohibits creditors from taking any action on debts that are now discharged.

  • Further Proceedings

    Depending on the issues relevant to a bankruptcy case, there are situations where a petition may become more complex.

    One common form of challenge that some debtors may face is known as “adversary proceeding.”  This refers to the situation when a creditor files a complaint in the underlying bankruptcy case that enables the creditor to contest the dischargeability of a certain debt.

Working with Your Bankruptcy Attorney

You should view your bankruptcy attorney as a trusted debt relief professional. After all, your attorney is going to help you obtain a fresh start that may affect your family for generations to come.

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