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Chapter 7 of the Bankruptcy Code is often referred to as "liquidation" bankruptcy. Chapter 7 allows individuals, married couples, and some businesses to discharge certain debts without payment. Chapter 7 is often an excellent option for filers that do not have the means to pay their debts. Most of our chapter 7 cases are "no asset" cases, meaning our clients are able to "exempt" their property using the generous California exemption scheme, and therefore do not have to surrender any property in exchange for a discharge of their debts. Many individuals and married couples will qualify for chapter 7 relief, but everyone is not eligible to file - there are numerous rules regarding eligibility stemming from income, expenses, the "means test", prior bankruptcy filings, and other factors. The bankruptcy discharge, if obtained, relieves the filer after bankruptcy from having to pay many of your pre-bankruptcy debts. However, exceptions exist for particular debts, and on some liens on property may still be enforced after discharge. For example, a creditor may have the right to foreclose a home mortgage or repossess an automobile, even if that debt has been personally discharged. We encourage potential clients to contact us to discuss the variables involved with Chapter 7, and what approach may be best for their situation.
Chapter 7 bankruptcy allows our clients, in many situations, to eliminate:
- - Credit card balances (including overdue and late fees)
- - Collection agency accounts (including repossessed vehicles)
- - Medical bills
- - Civil court judgments (not based on fraud)
- - Social Security overpayments
- - Veterans’ assistance loans and overpayments
You should know that even if you file chapter 7 and you receive a discharge, some debts are not discharged under the law. Therefore, you may still be responsible to pay:
- - Some taxes
- - Most student loans
- - Domestic support and property settlement obligations
- - Most fines, penalties, forfeitures, and criminal restitution obligations
- - Certain debts that are not listed in your bankruptcy papers.
You may also be required to pay debts arising from:
- - Fraud or theft
- - Fraud or defalcation while acting in breach of fiduciary capacity
- - Intentional injuries that you inflicted
- - Death or personal injury caused by operating a motor vehicle, vessel, or aircraft while intoxicated from alcohol or drugs.
CHAPTER 7 BANKRUPTCY COULD HELP YOU
California State Bar Certified Bankruptcy Specialist
Bankruptcy, Loan Modifications, And Foreclosure Defense
Our managing attorney Andrew A. Moher entered private practice and founded the Moher Law Group in 2010 after extensive experience in corporate law and international finance. Mr. Moher was raised in Chicago, and has lived and practiced throughout the country, in New York City, Washington D.C., San Francisco, and San Diego. Through the years, we have been privileged to work with numerous esteemed attorneys and legal professionals, both employed with the firm and working collectively with excellent attorneys for our clients mutual benefit.
Mr. Moher is licensed in good standing with the California bar and New York bar, and is licensed in all federal districts in the State of California. Mr. Moher is a member of the American Bar Association, Lawyers of Distinction, and is a Certified Specialist in Bankruptcy Law with the State Bar of California. Mr. Moher is also a licensed real estate broker, and often leads seminars on real estate law with the San Diego Association of Realtors and other professional groups. Mr. Moher takes a personalized approach to legal cases, and explores a full range of solutions in concert with his clients to ensure the most efficient and cost-effective solutions are achieved.
Outside of his practice, Mr. Moher is an avid musician and travel enthusiast, and enjoys photography, sports, cooking, and spending time with family and friends.
Licensed Attorney in all State and Federal Courts of California in Good Standing (Lic #257605)
Helped over 500 families save their homes since 2010!
Licensed CA Real Estate Broker in Good Standing
(DRE #01905308)