Chapter 7 Bankruptcy Attorney in Southern California
Wadhwani & Shanfeld — Helping You Choose the Ideal Path to Financial Freedom
When you call or sit down with a California Chapter 7 bankruptcy lawyer from our team, we can help you discover which debt relief solution is best suited to your needs. Our lawyers have helped more than 25,000 people across California. We have more than 75 years of collective experience and a reputation in the Southern California community for aggressive advocacy and informative counsel.
We offer Chapter 7 Bankruptcy Services in:
- Los Angeles Chapter 7
- Sherman Oaks Chapter 7
- Palmdale Chapter 7
- Lancaster Chapter 7
- Ontario Chapter 7
- Long Beach Chapter 7
On This Page:
- What is Chapter 7 Bankruptcy?
- How Does Chapter 7 Bankruptcy Work?
- Chapter 7 Bankruptcy Eligibility in CA - The Means Test
- Alternatives to Chapter 7 Bankruptcy
Also known as "straight" or "liquidation" bankruptcy, Chapter 7 bankruptcy can only be filed by individuals who pass the qualifying means test. This test was established by the United States Congress in 2005 and is designed to weed out individuals who have the financial capability to repay their debts under the Chapter 13 bankruptcy repayment plan option.
In order to pass the means test, you must demonstrate that you cannot afford to repay your debt.
- First, the means test compares your income to the median income of the same household size in your county.
- If your income is lower than the median income, you pass the means test. But, we are able to qualify many of our clients whose income is higher than the median income.
There are many factors that can influence your eligibility for Chapter 7 bankruptcy. We encourage you to contact our Chapter 7 bankruptcy attorneys to learn more whether you qualify and if is the right choice for you.
If you have a regular income, a Chapter 13 bankruptcy may be a better choice for you. One benefit of a Chapter 13 filing is that you can save your home from foreclosure. Chapter 13 may also be a better option if you do not pass the means test (see above) or you want to hold on to valuable property that cannot be protected in Chapter 7(family heirlooms, coin collections, etc.).
Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy, so if you don’t want to sell your property, a Chapter 13 bankruptcy or “wage earner’s plan” may be preferable. Sometimes, debt relief agencies can help you negotiate debts and get rid of them without filing for bankruptcy at all.
Our Attorneys are Here for You, Every Step of the Way!