Have an Honest Discussion With Our
Lawyer About the Chapter 7 Bankruptcy Option
If you're like most people who've given serious consideration to filing for bankruptcy — you probably haven't experienced the feeling of being fully in control of your finances for a very long time, if ever.
Chapter 7 bankruptcy can give you that sense and a meaningful fresh start as well.
At the Law Offices of Mark Ankcorn, we can help you get there. We are a people-centered practice. We’re here to help and we never lose sight of the fact that filing for bankruptcy is a difficult and emotional choice. We bring a high level of sophistication to helping people through this process and provide customized solutions that take each individual's needs and goals into account.
Call or contact us for a free initial consultation.
Chapter 7 Bankruptcy Facts
Also known as debt liquidation or simply as a "straight" bankruptcy, Chapter 7 is the most common type of bankruptcy filing for individuals and small businesses. In San Diego, about 85% of non-business bankruptcy filings are under Chapter 7. In this type of consumer bankruptcy, it may be possible to discharge all of your unsecured debt while keeping most, if not all of your personal property.
Other facts you might want to be aware of include:
- The new bankruptcy laws you've probably heard of and the Chapter 7 "means test" really haven't changed the bankruptcy picture all that much. In fact, most people who would have qualified for Chapter 7 debt relief under the old laws still will under the new ones. The new laws have, though, made it much more complicated to actually file a Chapter 7 petition correctly.
- If you have significant non-exempt property that you do not want to lose, a Chapter 13 bankruptcy might be a better option. In our experience, however, most people do not have the kinds of personal possessions that a bankruptcy trustee would be interested in selling to pay off creditors. In other words, most people who file under Chapter 7 get to keep their personal possessions.
- You can file a Chapter 7 case jointly, with your spouse, or as an individual (even if you are married).
- Not all kinds of unsecured debt (debts that are not secured by property such as a house or a car) can be discharged in a Chapter 7 bankruptcy. The best example are student loans but there are others as well.
- The Chapter 7 process is fairly straightforward and may take as little as four months to complete.
Local: (619) 573-4192 / Toll Free: (866) 603-4856
For a free initial consultation — call our office directly at either of the two phone numbers listed above. You can also contact us by e-mail and someone from our office will get in touch with you shortly.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Serving Chula Vista, Escondido, and
Other San Diego Area Communities
