Bankruptcy Lawyer in Carlsbad, CA
If you’re buried under a mountain of debt and can’t find your footing to climb out of it, you could be a candidate for Chapter Seven (7) bankruptcy. Gregory S. Hood, Attorney at Law, P.C. is a talented and experienced bankruptcy lawyer with a long track record of helping Carlsbad, CA clients navigate the complexities of debt dischargement.
Our experience with Chapter 7 filings will help you explore this option as a way to break free from debtors and find financial freedom, so you can begin to rebuild your life.
What is Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy allows you to completely eliminate certain debt and either “surrender” or “reaffirm” other debt. Debt is categorized as Secured, Unsecured or Unsecured Priority:
- Secured debt is something that is tangible like a car or home that can be repossessed or foreclosed on. In Chapter 7, your secured debt is either surrendered or “reaffirmed,” which means that you can keep the property under the same terms and conditions.
- Examples of Unsecured debt are credit cards and personal loans, where if you fail to make your payments the lender will file a lawsuit and obtain a judgment to collect on the debt. In Chapter 7, your unsecured debt is eliminated in its entirety.
- Unsecured Priority debt is usually tied to student loans or taxes that are given special treatment, and are usually not dischargeable in bankruptcy. Under certain circumstances, tax debts over three years old can be eliminated; student loans cannot.
We’ll sit down with you to examine your finances to identify Secured, Unsecured and Unsecured Priority debts. From there, we can help you determine if Chapter 7 bankruptcy is right for you.
Do I qualify for a Chapter 7 Bankruptcy?
To determine if you qualify for Chapter 7 bankruptcy, you’ll need to consult a bankruptcy lawyer in Carlsbad, CA. Your attorney will gauge your situation against the Means Test. The Means Test is a benchmark for showing that you are unable to pay back debt even despite your best efforts. If and when you file for Chapter 7, this is what the court will use to determine your eligibility.
You May Be Able To Consider Alternatives
The court looks at the level of your income in relation to the median income in the State of California. Where your income exceeds the median income, an analysis must be made to determine if you qualify for a Chapter 7 under the means test. Where your income is too great to qualify for a Chapter 7 or where you own an asset that exceeds a value that it cannot be protected in a Chapter 7 bankruptcy, you may have to consider alternatives (such as chapter 13).
Learn More About Chapter 7 Bankruptcy
Schedule A Consultation Appointment
You need help from an experienced bankruptcy attorney to file for Chapter 7 bankruptcy. Contact Gregory S. Hood, Attorney at Law, P.C. today at 760-438-4590 . We’ll help you determine if Chapter 7 is the right move for you if you pass the means test and what recourse you have for discharging your debts.