Bankruptcy Attorney News- For Immediate Release

For Immediate Release

RIVERSIDE COUNTY BANKRUPTCY ATTORNEYS INTRODUCE NEW INFORMATIONAL LEGAL GUIDE SERIES Personal and Business Chapter 7 Bankruptcy

Posted on AVVO Today

Chapter 7 bankruptcy is the most common type of bankruptcy. It is also known as "liquidation" in the Bankruptcy Code and is often referred to as "straight" bankruptcy.

Chapter 7 Bankruptcy

Filing Chapter 7 enables you to eliminate most, if not all, of your debts. You file under Chapter 7 if your debts are largely unsecured, such as loans, credit cards and judgments. The debts are discharged and they never need to be repaid. Imagine suffering terribly under the heavy burden of debt, month after month, and suddenly, all that suffering is gone and you are debt free! That is what debtors report experiencing when they file Chapter 7 bankruptcy.

The Petition

The process starts with the preparation and filing of documents called the bankruptcy "petition". After filing, a "trustee" is appointed to administer the bankrupt estate and to ensure the smooth and equitable application of the law. Approximately four weeks after the commencement of the chapter 7 bankruptcy case, the debtor appears for the meeting of the creditors. Any debts that are discharged are never ever repaid by the debtor or by anyone else. Legally, it is as if the debtor never owed the debt. You can file Chapter 7 bankruptcy no sooner than every eight years.

Automatic Stay

Bankruptcy law requires that the moment you file bankruptcy, there is an automatic stay that prohibits virtually all creditors from initiating or continuing any efforts, legal or otherwise, to collect debts you owe or to seize property of the bankrupt estate. This is known as the "Automatic Stay" and is one of the most powerful of all Federal laws. This means that the moment you file, evictions, repossessions and foreclosures must stop, at least for a while; you cannot be sued and existing lawsuits must come to a halt; creditors and collection companies cannot harass you or enforce money judgments against you. Even the government itself cannot come after you for civil debts that you owe, including income taxes.

Keeping Property

If you have secured debts such as a car payment or a mortgage, you can still file Chapter 7 and retain the property by continuing to make the payments as usual. You are under no obligation to surrender any secured property you want to retain. You are in control and it is up to you to decide what you want to keep and what you want to surrender. When you retain us for your bankruptcy, we will provide you access to more detailed information on this topic, including how you can keep assets you may not think are possible to keep.

About the Law Offices of Cortright, Valentine & Associates

The Law Offices of Cortright, Valentine & Associates is a general practice law firm conveniently located in Riverside County with offices in Menifee and Palm Springs. They are your local Bankruptcy Lawyers, providing one-on-one personal assistance with all of your legal needs. They are not a referral service or a distant law firm; located right in your neighborhood, they are real people who both live and work in Riverside County. Here’s what you can count on with the Law Offices of Cortright, Valentine & Associates as your Banruptcy Attorney, they take the worry and fear out of filing because they are with you through every step of the process. You can be confident they will do whatever is needed to make your bankruptcy successful.

For more information, visit http://www.cortrightandvalentine.com or for a free consultation call (951) 200-7505. To learn about our new video series please visit us on www.avvo.com

“We look forward to meeting with you!”

Law Offices of Cortright, Valentine & Associates

27186 Newport Road, Suite 1

Menifee, CA 92584

(951) 200-7505

EMAIL

consultations@cortrightandvalentine.com

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