Nicholas S. Nassif
has filed over 2,500 bankruptcies for clients throughout California. After the bankruptcy laws changed in 2005, clients had to be more careful than ever to find the right bankruptcy firm to analyze their situation to determine if they qualify for a bankruptcy, and handle their bankruptcy from filing to discharge.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is a section of the Federal Bankruptcy Code. Chapter 7 is commonly known as “straight bankruptcy”. Chapter 7 Bankruptcy is a process by which most unsecured debts are discharged and the creditors of those debts may never try to collect them from you again. If you have non‑exempt assets, the Trustee may sell them to pay debts. The vast majority of Chapter 7 debtors can keep all of their property. It is important to consult with the Law Offices of Nicholas S. Nassif to see if all of your property is protected.
A Chapter 7 discharge is a Bankruptcy Court Order discharging (releasing) a debtor from all of his or her dischargeable debts, which means that he or she never has to pay those debts. The creditor can never attempt to collect them from the debtor. A debt that is discharged is one that the debtor is released from and does not have to pay. Some debts, however, are not dischargeable under Chapter 7, and some debtors are not eligible for a Chapter 7 discharge.
Chapter 13 Bankruptcy
If you qualify for a Chapter 13 Bankruptcy, the minute it is filed, the Trustee sale of your property is stopped. The laws are complicated and you need quality legal representation.