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Category Archives: Chapter 7

Bankr15

A Chapter 7 Bankruptcy Overview

By Jay Butchko |

The Chapter 7 bankruptcy process offers honest yet unfortunate debtors a fresh financial start, typically within six months. Most debtors won’t need to appear in a courtroom; instead, the process is administratively handled, with the bankruptcy trustee playing a key role in evaluating the case. Most unsecured debts, such as medical bills and credit… Read More »

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Bankr23

Expanding the Property Exemptions in a Chapter 7 Bankruptcy

By Jay Butchko |

California’s bankruptcy property exemptions, which are found in Chapter 700 of the Code of Civil Procedure, are unusually complex. The Golden State has two sets of property exemptions. Typically, property renters and recent buyers use Section 703 exemptions. Others generally use Section 704 exemptions. The listed exemptions, though detailed, are by no means complete…. Read More »

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StudentLoanDebtMoney

How to Have Student Loans Discharged in Chapter 7 Bankruptcy

By Jay Butchko |

Are you struggling with student loans and wondering about your options for relief from that debt? It is a particularly good time to talk with an Orange County bankruptcy lawyer about how you might be able to have your student loans discharged in a Chapter 7 bankruptcy case in California. While you might have… Read More »

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BankruptcyQuestions

What Property Can I Keep If I File for Chapter 7 Bankruptcy?

By Jay Butchko |

Many people in California mistakenly assume that they will have to give up all of their assets if they file for Chapter 7 bankruptcy. While Chapter 7 bankruptcy is a type of liquidation bankruptcy, it is critical for debtors to know that there are various types of property that are not liquidated in a… Read More »

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Bankr21

How to Know If You Should File for Chapter 7 Bankruptcy

By Jay Butchko |

When you are struggling with debt, it can be difficult to know if you should start thinking about the possibility of a Chapter 7 bankruptcy filing. You might only know a little bit about how bankruptcy works, and you might not be sure if you are eligible, or if it is even an option… Read More »

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Bank9

Steps in a Chapter 7 Bankruptcy Case

By Jay Butchko |

If you are considering the possibility of filing for Chapter 7 bankruptcy as an individual or a married couple in Irvine or elsewhere in Orange County, you likely want to know more about what to expect. How long, for example, should you anticipate that your Chapter 7 case will take? How much time, for… Read More »

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Bankr24

Is Chapter 7 Better Than Chapter 13?

By Jay Butchko |

In most cases, yes. The long and difficult Chapter 13 process usually takes at least five years to complete. In contrast, judges usually issue Chapter 7 discharge orders in less than nine months. Therefore, these debtors quickly put their financial problems behind them and move on with their lives. Furthermore, as outlined below, Chapter… Read More »

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Bankr12

Bouncing Back From a Chapter 7 Bankruptcy

By Jay Butchko |

By the book, bouncing back from a Chapter 7 bankruptcy is a ten-year process. Usually, a Chapter 7 filing notation remains on a credit record for a decade. However, in most cases, the rebound process begins almost immediately after people file their voluntary petitions. We stress the “voluntary” nature of a Chapter 7 bankruptcy…. Read More »

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Cash

Is It a Good Idea to File Chapter 7?

By Jay Butchko |

The knee-jerk answer to this question is “no.” Most people believe a real-life Chapter 7 is similar to a Monopoly bankruptcy. Bankrupt players in this board game lose all their money, all their assets, and are permanently expelled from the game. Chapter 7’s nickname, the liquidation bankruptcy, supports this idea. Real life is completely… Read More »

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