About Chapter 7 Bankruptcy
Chapter 7 bankruptcy refers to the process of liquidating your assets and
using the proceeds to eliminate your debt. Many consumers assume that
Chapter 7 will mean they will lose their home or car, but certain property
can be kept under California's exemption laws.
Filing for bankruptcy protection can help eliminate:
- Credit card debt
- Other secured debts
Our Ventura Chapter 7 bankruptcy attorney has
handled thousands of cases throughout the state of California, including appearances in all levels
of State and Federal Courts. We are ready to stand at your side as you
seek long-term financial stability and relief from debt.
Passing the Means Test
In order to qualify for Chapter 7, the courts will require that you pass
what is called a "Means Test." Essentially, this test assesses
your gross income and expenditures to determine your amount of leftover
finances. Depending on your disposable income, you may or may not be eligible
to file for Chapter 7.