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What Is Chapter 7 Bankruptcy?

In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don’t pay creditors through a three- to five-year Chapter 13 repayment plan.

But not everyone qualifies to file for Chapter 7 bankruptcy—and in some cases, Chapter 7 doesn’t provide the help the filer needs. Find out when Chapter 7 bankruptcy might be more advantageous than Chapter 13 bankruptcy.

Chapter 7 bankruptcy is an efficient way to get out of debt quickly, and most people would prefer to file this chapter, if possible. Here’s how it works:

It’s relatively quick. A typical Chapter 7 bankruptcy case takes three to six months to complete.
No payment plan. Unlike Chapter 13 bankruptcy, a filer doesn’t pay into a three- to five-year repayment plan.
Many, but not all debts get wiped out.

The person filing emerges debt-free except for particular types of debts, such as student loans, recent taxes, and unpaid child support.

You can protect property. Although you can lose property in Chapter 7 bankruptcy, many filers can keep everything that they own. Bankruptcy lets you keep most necessities, and, if you don’t have much in the way of luxury goods, the chances are that you’ll be able to exempt (protect) all or most of your property.

You can keep a house or car in some situations. You can also keep your house or car as long as you’re current on the payments, can continue making payments after the bankruptcy case, and can exempt the amount of equity you have in the property.

“Eric was great at representing me for my chapter 7 Bankruptcy in Ventura County. He was eager to respond to any and all questions and made the process as painless as possible. I will strongly recommend him and his legal services to anyone who is in need of his help. Thank you for everything Eric!! Follow up: About a month after my discharge, I received a summons from an accident that occurred nearly 3 years ago.

Someone was attempted to sue me. Mr. Ridley, was eager to help “hold my hand’ advising me through the situation – that my discharge covered this. He even went out of his way to contact the attorney who was suing me and advised me of steps to take, etc to make sure it “goes away”.

Mr Ridley sure breaks all stereotypes one hears about attorneys. You are the best! Thanks again for everything!!!”

Law Office of Eric Ridley has a Ventura office at 567 W. Channel Islands Blvd. Ste. 210, Port Hueneme, CA 93041, and

Areas we service:
Oxnard, CA
Port Hueneme, CA
Ventura, CA
Camarillo, CA
Thousand Oaks, CA
Lompoc, CA
Santa Barbara,
Santa Paula, CA
Oak Park, CA

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Estate Planning Attorney Eric Ridley