You’re in debt, and first you need to know that that’s OK. Show us one person who hasn’t made a poor financial decision in their life and let them throw the first stone. It happens, and you can’t dwell on it. However, what you can do is hire one of San Diego’s reputable Chapter 7 bankruptcy lawyers to help you file your bankruptcy under this chapter and eliminate all manner of debt from your life. Which debt is that? Read on to learn!
What debt will Chapter 7 eliminate?
Now, onto the good stuff, and that’s the debt this type of bankruptcy can forever erase from existence and your life. This is the best thing about Chapter 7, as it can really kickstart your journey to a certain financial future. Let’s take a look at the types of debt Chapter 7 can eliminate once you’ve successfully filed for bankruptcy:
- Charges on your credit card, such as late and overdue fees
- Collection agency accounts
- The majority of attorney fees
- Unpaid taxes and aging tax penalties
- The majority of judgements made by the civil court
- Money you owe under a lease agreement
- Past-due rents
- Most business debts
- The majority of claims for automobile accidents
- Repossession deficiency balance
- Past-due utility bills
- Personal loans originating from employers, family, and friends
- Medical bills
- Overpayments from government programs, such as Social Security, welfare, and assistance programs for veterans
Filing date is important
It’s important to note that your Chapter 7 filing will only eliminate the debt you’ve accumulated before the date of filing, not after. If you choose to incur additional debt after you’ve filed for this type of bankruptcy, it won’t be included in the discharge and you’ll have to pay for it out of your own pocket. This is why it’s important to be careful about what you do after bankruptcy.
What debt Chapter 7 cannot eliminate?
However, Chapter 7 is not omnipotent and there’s some debt even this amazing form of bankruptcy isn’t capable of eliminating. The important thing is not to dread, you’ve already erased quite a lot of debt from your life and what can remain represents only a small fraction that you’ll be able to return without breaking a sweat after finalizing your bankruptcy:
- Child support and alimony
- Certain categories of unpaid taxes, for example tax liens
- Debts regarding malicious and willful injury to the property of another individual
- Debts regarding personal injury or death by the operation of a motorized vehicle while intoxicated
- Debts you forget to list during your filing
- Debt stemming from fiduciary duty breach or embezzlement
- Student loans can be very difficult to discharge
Who are San Diego’s most reputable Chapter 7 bankruptcy lawyers to help me file?
Clearly, the amount of debt this type of bankruptcy can eliminate is massive, so it’s wise to file as soon as possible and save yourself from having to think about debt ever again. If you’re still having second thoughts, first explore all the benefits Chapter 7 offers and see how this form of bankruptcy can immediately put a stop to your wage garnishments. All this will help you reach the decision of whether you’d like to file Chapter 7 or 13 for your case.
However, the most important thing is hiring a lawyer you can rely on to make the process of filing easy and hassle-free and your transition into a secure financial future as seamless as possible. At Bankruptcy Law Offices of Mark L. Miller, we’re dedicated to seeing you come out on the other side stronger, more confident, and with a bright outcome. With our assistance, you’ll soon spend time at La Jolla Cove without a single worry on your mind.