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Posted On: November 24, 2010 by Scott Sagaria

Liquidation and Chapter 7

A Sacramento bankruptcy attorney addresses how liquidation and bankruptcy are related.

Liquidation and Chapter 7 Bankruptcy is the most common form of bankruptcy in the U.S. Filing bankruptcy will stay on your credit report for 10 years from the date of filing and liquidates your assets to pay off your bills, while allowing you to keep your home, car, and items needed for work intact. Current bankruptcy laws requires that you receive credit counseling within 180 days prior to filing. There are four methods that can be used to file for liquidation and Chapter 7 bankruptcy:

• Do-It-Yourself: File the federal bankruptcy forms yourself.
• Use Bankruptcy Software: You enter the information and the software fills out the forms for you, is not always accurate.
• Use of a Non-attorney petition prepare: Usually a paralegal or someone trained to understand bankruptcy laws. They do not guarantee compliance with all bankruptcy laws or insure that you receive the max advantage for exemptions.
• Bankruptcy Attorney: The most commonly used way to file, an attorney can advise you on the proper time to file and ensure all requirements are met.

Whichever form you choose, make sure you assemble all your financial records, as they will be required to complete your liquidation and Chapter 7 bankruptcy.

At Sagaria Law, we offer an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento. If you need help regarding bankruptcy in Sacramento, contact us at 916.792.6025 or 1800.941.6730 for a free consultation or visit us online at www.sagarialaw.com to request a free in person appointment at a Sagaria Law office location nearest you. We can answer your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation to quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

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Posted In: Chapter 7 Bankruptcy

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