Oakland Chapter 7 Bankruptcy Attorney

Contact Us at (408) 465-4472 for Free Consultation!

At The Fuller Law Firm, PC, our chapter 7 bankruptcy attorney serving Oakland has helped many clients become debt-free. If you are considering Chapter 7 bankruptcy in pursuit of financial freedom, you can benefit from the legal guidance we offer. Contact our firm for effective representation through your Chapter 7 filing. Our services are available in Spanish, Cantonese, Mandarin, and Persian.

Contact us or call (408) 465-4472 for a free initial consultation with Chapter 7 attorneys in Oakland. We have offices in San Jose and Salinas as well. 

California Chapter 7 Exemptions

Chapter 7 is the "complete" version of bankruptcy that liquidates the filer's assets to pay off their debts. For individuals filing for bankruptcy in the state of California, the court will appoint them a trustee who has the responsibility to liquidate the debtor's assets and repay creditors.

Many assets, however, are exempt from liquidation. Small assets, such as furniture, have minimal to no liquidation value and can be kept. Larger assets, such as a vehicle or home, are counted as collateral for a loan and will therefore have no value to the trustee. The debtor gets to keep assets that are considered exempt.

Is Chapter 7 Right for Me? Am I Eligible?

Chapter 7 may be right for you if you mainly have consumer loans and minimal assets. This form of bankruptcy is limited, however. If you are a high-income individual, you may not be eligible. Eligibility is determined by taking the means test.

There are also limits on how frequently a debtor can file for Chapter 7. If you have received a discharge through Chapter 7 within the last 8 years or through Chapter 13 within the last 6 years, your Chapter 7 petition will not be accepted.

What Is the Means Test?

The means test is what helps determine whether you are eligible for filing Chapter 7. It calculates if you have enough disposable income to pay back your debts. It takes into account your income, expenses, and the size of your family.

There are two parts to the test:

• Checking if your household income is below California's median income.
• Confirming if your disposable income after allowable expenses can be put toward paying off your debt.

The test is based on the last 6 months of your financial history. Gather as much documentation as possible so our bankruptcy attorney can help determine your eligibility. Bank statements, payroll records, rent payments, grocery receipts, medical costs, etc., are crucial!

How Does Chapter 7 Work?

Once our lawyers determine that you are eligible, we can help you with the filing process. Below is an overview of how it will go.

• Complete a mandatory credit counseling course within 6 months before filing.
• Our bankruptcy attorney can file the petition for you, ensuring all your paperwork is complete.
• An automatic stay will be immediately effective, halting contact from creditors, collectors; wage garnishments; foreclosure; and repossession.
• Attend the meeting of creditors.
• Complete a financial management course.
• The bankruptcy court will issue a discharge of your debt.

Start a Free Consultation With a Chapter 7 Bankruptcy Attorney in Oakland

If you are still not sure whether Chapter 7 is right for you or if you need legal guidance through your case, schedule a free case evaluation with our firm. We are prepared to help Oakland residents handle their complex cases.

Call (408) 465-4472 for a free initial consultation with Oakland Chapter 7 lawyers at The Fuller Law Firm. We are ready to help you overcome debt! Contact us today.

Frequently Asked Questions About Chapter 7 Bankruptcy

What Are the Common Mistakes to Avoid During Chapter 7 Filing?

Navigating Chapter 7 bankruptcy efficiently requires a strategic approach to avoid common mistakes. One crucial mistake is neglecting to disclose all assets. Concealing assets can lead to severe repercussions, including the dismissal of your bankruptcy petition or denial of discharge. Additionally, failing to fulfill the mandatory credit counseling and debtor education course requirements can hinder the progress of your filing. At The Fuller Law Firm, PC, we guide you through each step, ensuring you understand all procedural obligations and the importance of full transparency.

Another frequent issue is the misinterpretation of exemption laws. Mistakes here can result in unintended asset liquidation. Our experienced team helps you accurately identify which assets are properly exempt under California law. It's also essential to avoid running up debts shortly before filing, as this can be seen as fraudulent by the court. We provide clear instructions on financial conduct leading up to your filing, establishing a solid foundation to navigate the process successfully.

How Can I Prepare Financially for Life After Chapter 7?

Preparing for life after Chapter 7 involves careful planning and strategic financial management. Begin by crafting a post-bankruptcy budget that accommodates your new financial landscape. Eliminating unnecessary expenses and focusing on rebuilding your credit are key steps. One effective method is to secure a secured credit card to start re-establishing a positive credit history. The Fuller Law Firm, PC offers ongoing guidance to help you implement effective financial habits that promote stability and growth.

It is also vital to regularly monitor your credit report to ensure accuracy and detect any discrepancies. Additionally, establishing a savings plan, even a modest one, can buffer unexpected expenses. Our team at The Fuller Law Firm, PC provides resources and recommendations for financial planning tools, helping you rebuild financial health and confidence, ensuring a brighter financial future.

What Impact Does Chapter 7 Have on My Credit Score?

Declaring Chapter 7 bankruptcy has a significant impact on your credit score, initially lowering it by a considerable margin. However, it also provides a fresh start, enabling you to eliminate overwhelming debt and begin financial rehabilitation. Although the public record of your bankruptcy will typically remain on your credit report for up to 10 years, proactive measures can expedite recovery.

At The Fuller Law Firm, PC, we assist clients in developing strategies that restore their creditworthiness, such as responsible credit use and timely bill payments. By focusing on rebuilding your credit post-bankruptcy, over time, you will find that your score can recover and begin to improve, opening the door for new financial opportunities.