One does not plan on entering a period of financial crisis. Loss of a job, illness or an injury can impact an individual’s ability to pay bills. Referred to as “the fresh start bankruptcy,” a Chapter 7 bankruptcy filing in California requires no down payment and will eliminate all debt not affiliated with child support, alimony, student loan and tax payments.
Under Chapter 7, property can be subject to loss if not included in the bankruptcy filing from the beginning. With a Chapter 7 bankruptcy filing, an individual can keep an owned home if he/she is current on mortgage payments and wants to remain in the home. If one is behind in mortgage payments, the creditor can request the bankruptcy court to lift the stay and proceed with a foreclosure.
Since a Chapter 7 bankruptcy filing can remain on one’s credit report for seven years, there is fear that one’s need for an automobile loan will be compromised by the filing in the future. An individual can obtain an automobile loan within the seven years after filing, with each year that passes post filing being easier than the former. An annual income increase in that time can also help increase one’s ability to acquire an automobile loan.
Before filing for Chapter 7 bankruptcy, it is important to be aware of the following:
We at Luftman, Heck and Associates understand the emotional and financial strains of financial debt and the impact it can have on other areas of your life. We will be with you at every step of your bankruptcy, and help ensure that you receive the fairness you deserve throughout your bankruptcy filing. The attorneys at our San Diego law firm have great experience guiding clients through bankruptcy filings and will always strive for the best possible outcome on your behalf.
If you or a loved one are in need of legal representation for a bankruptcy filing and interested in learning more about Luftman, Heck and Associates LLP, please fill out a Contact Form. A member of the firm will contact you directly to discuss your case in more detail and provide additional information about our bankruptcy filing services.
The Law Firm of Luftman, Heck & Associates, LLP is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The information provided on the web site is not, nor is it intended to be, legal advice or an offer to represent you.