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Chapter 7 Bankruptcy Benefits

Experienced Chapter 7 Bankruptcy Lawyer Serving San Joaquin, Fresno, & Merced Counties


Filing for Chapter 7 bankruptcy can help you gain control over your finances. Chapter 7 bankruptcy is commonly called liquidated bankruptcy, which means that your assets will be liquidated to pay creditors. There are many benefits to filing Chapter 7. Although the exact benefits you may reap are best discussed with a Chapter 7 bankruptcy attorney, this page discusses some common Chapter 7 bankruptcy benefits.

The experienced bankruptcy attorneys at the Srai Law Office can provide you with more details as to how a filing a Chapter 7 bankruptcy would help you.

Hiring the Right Bankruptcy Attorneys

When you have to choose between paying creditors and buying basic life necessities, Chapter bankruptcy may be the solution. At the Srai Law Office in Stockton, we won’t just give you the forms to file for bankruptcy. Our compassionate and aggressive Chapter 7 bankruptcy attorneys walk you through the process and guide you every step of the way.

With so many years of experience helping people get rid of debt, our attorneys will find a solution that meets your needs. We have helped many people and small businesses get debt relief from creditors in order to get a fresh start. For more information or to learn how filing a Chapter 7 bankruptcy will help or benefit you, contact the Srai Law Office.

Save Your Property

One major benefit of filing Chapter 7 bankruptcy is that it may save your property by using bankruptcy exemptions. There are two distinct sets of exemptions that you can use in your bankruptcy petitions. It is important that the right exemption is used to maximize the amount of property that can be saved.

These exemptions are specifically intended for debtors to save their property and get a fresh start. This is precisely why you need to hire the experienced Stockton Chapter 7 bankruptcy attorneys at the Srai Law Office to ensure that you use the appropriate set of exemptions.

Stop Creditor Harassment

Chapter 7 bankruptcy will end creditor harassment. Creditors will no longer be able to contact you once you have started the bankruptcy proceeding. An automatic stay will go into effect. The automatic stay acts as a temporary injunction, which temporarily bars any collection action from taking place.

If a creditor has notice of your bankruptcy and continues to harass you, they will be subject to serious penalties. The Fair Debt Collection Act also places numerous restrictions on creditors’ ability to collect outstanding obligations. Your Stockton Chapter 7 bankruptcy attorney will make sure your creditors know their rights. If necessary your attorney can enforce the automatic stay.

Stop Wage Garnishment

Filing for Chapter 7 bankruptcy will also stop wage garnishments. Wage garnishments happen when a creditor seeks to enforce an existing judgment. Filing bankruptcy will immediately stop any wage garnishments. The Chapter 7 bankruptcy attorneys at the Srai Law Office will also send notices to the sheriff that is enforcing the wage garnishment in order to stop any further wage garnishment.

If the wage garnishment is for a debt that can be discharged in bankruptcy, it will be eliminated once you receive the bankruptcy discharge. We will make sure that creditors are ware of your bankruptcy filing and end your wage garnishments.

Eliminate Repossession Judgments

Another benefit of filing Chapter 7 bankruptcy is stopping or eliminating repossession judgments. Once a lender has repossessed a vehicle, it will be sold at auction or to a private party. If the car is sold at a value less than your loan amount, then the lender will be able to get a deficiency judgment. Generally, the lender will go to court and file a lawsuit against you for the remaining balance due. After a lender receives a judgment, he will seek to enforce that judgment.

If you have a repossession judgment, Chapter 7 bankruptcy may eliminate that judgment. Our legal team can look at the specific facts of your case to determine whether filing Chapter 7 will help eliminate a repossession judgment.

Contact an Experienced Chapter 7 Bankruptcy Attorney

Bankruptcy issues can be complex process in California. An experienced Stockton bankruptcy lawyer can make sure that your legal rights are protected. The legal team at the Srai Law Office will make sure your creditors understand their rights under the law. We will help you get back on your feet and take back control of your life.

For more information or to schedule a complimentary consultation with one of our Stockton Chapter 7 bankruptcy attorneys, please call us at (209) 323-5558, or complete our online form.

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