About Us
The Law Offices of M. Tilden Moschetti provides affordable and quality bankruptcy representation. Even though we have filed many of successful consumer bankruptcy cases, we understand that each client presents a unique set of circumstances and special needs which require individualized attention. We are a Debt Relief Agency. We help people file for relief under the Bankruptcy Code.
Chapter 7 discharges debts
Chapter 7, which occasionally is referred to as straight bankruptcy, is essentially the version that most people envision when they hear the word bankruptcy. If you file under Chapter 7, most of your debts are eliminated, and some of your property may go to your creditors. There is not a repayment plan your debts simply disappear.
Assets that are nonexempt may be seized and sold by the trustee, with the proceeds distributed to your creditors. In the real world, however, most consumer bankruptcies fall in the category of no-asset cases. In other words, you have nothing for creditors to take, except the shirt on your back and various other items that are off limits. That's a pretty nifty deal and, if things work out, you've little to lose except your debt.
Restictions on Chapter 7
The law won't let you bounce from one spending spree to another using bankruptcy as your escape valve.
Courts agree that the most important consideration in determining whether you're trying to weasel out of your debts is finding out whether you have the ability to pay if you feel like it. Generally speaking you will be able to exempt between $50,000 to $150,000 (depending on the circumstances) of equity in your homestead, and all your household goods, or approximately $20,000 equity of any asset and all your household goods. A car is not considered a household good, so call us to more specifically discuss this issue.
The main threshold issue in filing a Chapter 7 Bankruptcy is whether you make too much money. If your debts are primarily business debts, then you may be in a position where you do not have to meet the so called "Means Test." If your debts are primarily consumer debts, you may not be eligible to file to file Chapter 7 Bankruptcy if you make too much money. Ccourts can also dismiss cases when your financial obligations are primarily consumer debts if they find that discharging all debts would result in abuse of the bankruptcy process. There are also restrictions on the amount of income recieved before a court will discharge any debts.
Contact us
If you'd like to set up a free consultation by phone or in person, please do not hesitate to contact us. Call us at (415) 399-0970 or simply complete this form and we'll contact you within one business day.