CHAPTER 7 BANKRUPTCY

Filing for bankruptcy in Ontario, California, might just be the option for you if you find yourself in some unfavorable financial situations. For example, if creditors and lenders are constantly pressuring you and you are unsure about how you’ll ever get yourself out of these debts, then filing for bankruptcy may be the most sensible solution. Alternatively known as “liquidation” bankruptcy, Chapter 7 bankruptcy is meant to clear the debts of those who find themselves in dire financial situations. Those who would be included in this category are people who have accumulated overwhelming amounts of personal loans, credit card debt, or medical bills in the Ontario area.

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Chapter 7 bankruptcy offers a fresh start and relief for those in such situations. Though it is a common belief that when one files for bankruptcy they will lose everything they own, this is not usually the case. There are several instances in which thousands of dollars of debt can be cleared while still maintaining a hold on most, if not all, of your assets, providing a safety net and fresh start. 

 

There are several eligibility requirements that must be met in order for you to qualify for Chapter 7 bankruptcy. Some of these requirements include your income, the types and amounts of debts that you have accumulated, among several other pieces of information. In Ontario, a qualified bankruptcy attorney is able to determine whether you’re eligible prior to your choice to file. If you’re constantly under pressure from creditors and lenders regarding your finances, you find it difficult to stay on top of your payments, or the majority of your income is consumed by your debts, then Chapter 7 bankruptcy may be the solution you’re looking for. When you partner with the right lawyer for the job, you’re able to maximize the freedom you have with your finances while simultaneously reducing the negatives of bankruptcy. 
 

The Law Office of W. Derek May is here for you and ready to help you achieve the freedom you’re after. 

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