Bankruptcy Lawyers in Los Angeles
Board-Certified Specialists Helping You Erase Your Debt
Do you feel like you're struggling to control your debt? We've got answers. Whether you have questions about filing bankruptcy under Chapter 7 or Chapter 13 or are looking for an alternative to bankruptcy such as debt settlement, Wadhwani & Shanfeld can help you understand all of your available options.
Our bankruptcy law firm in Los Angeles can work closely with you to help you examine the pros and cons of each option and steer you toward the solution that best suits your situation. As board-certified bankruptcy specialists, our team offers customized strategies that are tailored to your circumstances.
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Choose Wadhwani & Shanfeld for Our Experience
- We have 65+ years of combined legal experience
- Our partners are board certified bankruptcy experts
- We have an A+ rating from the Better Business Bureau
- We have represented more than 20,000 clients
With more than 65 years of collective experience and a reputation in the Los Angeles County community for consistent excellence and professionalism, you can rely on our Los Angeles bankruptcy lawyers to help you find a proper solution to the debt challenges ahead of you. Our firm's reputation is backed by thousands of satisfied clients and an A+ rating from the Better Business Bureau (BBB).
See what our clients say about working with us:
Client Testimonial – "My Family Can Rebuild"
I like to Thank Raj for all of his assistance with the process of filing for BK. You and your staff provided the best help and were Always available to answer any questions in the most professional manner. The entire process from start to finish was handled very quickly and now my family and I can rebuild, thank you again!
- Stephanie H., 5/5 Stars
Los Angeles Bankruptcy Services Tailored to You
We know that each situation is different, and bankruptcy may not be the best relief option for some people. Our team is here to review your situation to help you determine the option that suits you. We can evaluate your debts and assets, discuss your goals, and learn more about the struggles you are facing.
We can help you answer any question related to bankruptcy and debt relief, including :
- Can I avoid foreclosure on my home by filing for Chapter 13 bankruptcy?
- Can I keep my assets if I file for Chapter 7 bankruptcy?
- How can I stop constant harassment phone calls from debt collectors?
- Should I choose bankruptcy or debt settlement?
- Can I rebuild my credit after filing Chapter 13 or Chapter 7 bankruptcy?
- I'm struggling to repay my student loan debt, what can I do?
No matter how serious your debts, we are ready to find a way to help you achieve financial freedom.
Is Chapter 7 Right for You?
Technically speaking, under Chapter 7 bankruptcy, filers must surrender certain assets, which are then sold to pay off creditors. Court-appointed trustees use the returns to pay off secured debts first, followed by unsecured ones. Once all qualifying assets are liquidated and the returns are used, courts discharge the remaining debts.
703/704 Homestead Exemptions
Although Chapter 7 is a liquidation form of bankruptcy, most people surrender few assets and frequently none at all. This is because each state, California included, has laws in place to protect certain assets from liquidation. For example, California’s “704 Homestead exemption” (also called a “System 1 exemption”) enables many filers with significant home equity to retain their primary residential property. Individuals without much home equity can often protect their home under a “703 homestead exemption” (or “System 2 exemption”). Similar rules protect motor vehicles and other assets. Our Los Angeles bankruptcy attorneys at Wadhwani & Shanfeld can help you identify which exemptions you qualify for.
The Means Test
To prevent exceptionally high-income earners from taking advantage of Chapter 7 bankruptcy, the state uses a “means test” to determine eligibility. Generally speaking, if your average household income is below the state’s median, you will likely be eligible for Chapter 7 bankruptcy. However, if your household income is greater than the state median, you must calculate how much disposable income you have left after paying qualifying monthly expenses.
Is Chapter 13 Right for You?
Whereas Chapter 7 is designed as a liquidation bankruptcy option, Chapter 13 bankruptcy allows filers with steady incomes to retain assets and reorganize their debts. Instead of sacrificing property, individuals consolidate their debts into one monthly payment, which the trustee then uses to pay individual creditors. For this reason, Chapter 13 is a good option for resolving secured debts. It’s also a good option for high earners, because courts do not use a means test to determine eligibility.
Bankruptcy Repayment Plan
The repayment plan is both a benefit and a downside of Chapter 13 bankruptcy. Although individuals can retain their assets, the resulting plan can be extremely demanding. The goal of the court and trustee is to establish a recurring monthly payment that is manageable and fair to creditors. The monthly payment should not prevent filers from paying their necessary expenses, but it will account for almost all their disposable income. As a result, the payment plan can make it difficult to save or pay for unexpected expenses. Furthermore, the payment plan typically lasts between 3 to 6 years, which means the overall process lasts much longer than Chapter 7 bankruptcy (which lasts only several months).
Free Consultation with a Los Angeles Bankruptcy Attorney
Both of our partners are board-certified bankruptcy specialists, demonstrating a higher level of ability and competence in the field. Attorney Greg Shanfeld has extensive experience, serving in many major positions with multiple firms prior to co-founding Wadhwani & Shanfeld.
Mr. Shanfeld also extends his knowledge of bankruptcy law in published articles and seminars. Together, our goal is to assist you in getting your finances back on track. Let our bankruptcy attorneys do all the work for you! Schedule your free case review to speak with our dedicated team of bankruptcy lawyers in Los Angeles.
Call Wadwhani & Shanfeld toll-free at 800-996-9932 for your free bankruptcy consultation!
LOS ANGELES OFFICE
714 W Olympic Blvd, Suite 702
Los Angeles, CA 90015