Gumm & Green, LLP, Attorneys at Law
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Deciding when to file for Chapter 7 bankruptcy

Many California residents may be battling with debt. Some individuals purchase things that they cannot afford, so they put the things they buy on credit. This becomes problematic when the borrower can no longer repay the lender.

Creditors have come up with unique ways to pressure people to repay their debts. Emails, phone calls, letters and eventually turning the data over to a collection agency are some of the tactics they use. The pressure creditors put on debtors can become overwhelming and might lead individuals to consider Chapter 7 bankruptcy as a way out.

In a Chapter 7 bankruptcy, a trustee is given the responsibility to sell the assets of the debtor, as long as these assets are not exempt, and use the proceeds to repay creditors. Chapter 7 bankruptcy allows consumers to get rid of most unsecured debt while at the same time keeping a car or home if they have the ability to make the associated payments.

There are a variety of reasons that consumers might file for Chapter 7 in addition to credit card obligations. Medical debt is one of the leading ones, while other people might not be able to pay their bills due to an unexpected job loss.

People who find themselves in these types of situations might want to meet with an attorney and discuss their situation. An attorney can explain the eligibility and other requirements while examining other forms of debt relief that might be available. One advantage of filing for bankruptcy is that it puts at least a temporary halt to collection activities and creditor harassment.

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