Chapter 7 Bankruptcy
Ventura Bankruptcy Lawyer
How Can Chapter 7 Bankruptcy Help?

Chapter 7 Bankruptcy Discharges Debts Quickly
Chapter 7 bankruptcy is what most people think of when they hear the word “bankruptcy.”
When you file Chapter 7 bankruptcy, you make a list of your assets. You also tell the bankruptcy court which assets you want to keep (or “exempt”) in your bankruptcy. The exemptions have limited dollar amounts. In California, these exemptions are very generous.
You also tell the court about your debts and your income and expenses.
The court then considers whether your income or assets would allow you to pay something back to your creditors.
Most people do not pay anything back to their creditors when they file a Chapter 7 bankruptcy.
Chapter 7 bankruptcy is a quick and efficient process, and usually wipes out (or “discharges”) most unsecured debts.
Some additional advantages of Chapter 7 are:
- Chapter 7 takes only 4-6 months from filing date to case closing date (for an average case.)
- Chapter 7 completely wipes out most unsecured debts like credit cards, personal loans, old judgments, medical debts, car repossessions, old utility bills, and other debts.
- Chapter 7 can stop debt lawsuits, collections, garnishments, evictions and repossessions.
- Chapter 7 can help you get back money that was garnished or levied within 90 days of your bankruptcy filing date.
- Chapter 7 can discharge some tax obligations.
- If you choose to do so, you can usually keep your house and vehicle when you file, assuming you can exempt any equity.
- Most people keep all their assets when they file Chapter 7 bankruptcy. In California, we have very generous bankruptcy exemptions.
- To learn more about Chapter 7 bankruptcy, visit our Bankruptcy FAQs.