Lancaster Chapter 7 Bankruptcy Lawyers
If you live in Los Angeles County and are faced with an overwhelming amount of debt–and little income or assets to pay back your creditors–then Chapter 7 bankruptcy may be your best hope for obtaining relief. A Chapter 7 filing makes it possible to discharge your legal obligation to repay most of your unsecured creditors, enabling you to walk away with a “fresh start.” And unlike other bankruptcy options, notably Chapter 13, the Chapter 7 process is relatively quick and easy to administer.
The Lancaster Chapter 7 bankruptcy lawyers at Wadhwani & Shanfeld can sit down with you and advise you of your options in this area. Board-certified bankruptcy specialists Raj Wadhwani and Greg Shanfeld have helped thousands of southern California residents in obtaining debt relief through Chapter 7 and other legal means. They can prepare a Chapter 7 filing on your behalf and let you know what to expect when dealing with the bankruptcy court.
Is Chapter 7 Right for You?
Generally, individuals in Los Angeles County looking to file for bankruptcy can file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is what is considered a “liquidation” bankruptcy. The basic idea is that a court-appointed bankruptcy trustee will sell any non-exempt property owned by the debtor, use that money to pay back any creditors, and then the court will discharge–cancel–any remaining obligation the debtor has to repay their unsecured creditors.
Despite the “liquidation” aspect of Chapter 7 bankruptcy, many debtors are actually able to keep most or all of their property. California has a set of specific bankruptcy exemptions for its residents. This allows you to keep a certain amount of equity in your home and car, basic household furnishings, clothing, and other personal property, so you will not be left with nothing. It is important to understand, however, that Chapter 7 bankruptcy does not wipe out any secured debts, such as your home mortgage. So if you are behind on such payments, you may need to consider filing for Chapter 13 bankruptcy if you wish to keep your home.
The actual Chapter 7 process is fairly straightforward. Before you file, and again before you receive a discharge, you will need to complete a mandatory credit counseling course. You then file a petition with a federal bankruptcy court, which lists all of your current assets, debts, and income. The bankruptcy trustee will then convene a “meeting of the creditors,” which largely involves the trustee asking you questions about your financial situation. Once any non-exempt property is liquidated, the bankruptcy court will then issue a discharge.
Contact Wadhwani & Shanfeld Today
The decision to file for bankruptcy is never an easy one. And even if you have decided that Chapter 7 is the right option for you and your family, you will no doubt have many questions about the process and what to expect moving forward. Our Lancaster Chapter 7 bankruptcy attorneys can help provide you with some answers. Contact Wadhwani & Shanfeld today to schedule a consultation with a member of our team.