Lancaster Chapter 7 Bankruptcy Attorneys

Why Choose Wadwhani & Shanfeld?

Wadhwani & Shanfeld is committed to helping consumers throughout Lancaster, the Antelope Valley, and Southern California find lasting relief from debt and the financial fresh start they need. Because we place an emphasis on personalized service and tailored legal strategies, we help clients explore all available solutions to their unique problems. This includes Chapter 7 bankruptcy and Chapter 13 bankruptcy.

How we can help:

  • Over 65 Years of Combined Experience
  • We’ve Helped Over 20,000 Clients
  • Two Board Certified Bankruptcy Specialists
  • Hands-on Legal Team Focused on Personalized Service

On This Page:

Discuss your situation and options with a member of our legal team during a FREE and confidential consultation. Call 800-996-9932 to get started!

What is Chapter 7 Bankruptcy?

Also known as liquidation bankruptcy, Chapter 7 bankruptcy is available to certain individuals who meet financial qualifications. Filing under Chapter 7 means that consumers can ultimately benefit from a discharge of debts, which can provide the freedom and means for rebuilding your financial life.

Our attorneys are focused not only on the short-term benefits provided by Chapter 7 bankruptcy, but also the long-term benefits and tools that can help you live a debt-free future.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy is distinguished from other Chapters in that it involves the liquidation of one’s non-exempt assets and the use of proceeds to pay creditors a portion of debts they are owed. When you file under Chapter 7, you have the right to claim exemptions for certain personal assets and property, such as home furnishings, clothing, health insurance, retirement plans, and more. Because most consumers who file under Chapter 7 do not have enough property for liquidation, most cases are no-asset cases.

Do I Qualify for Chapter 7 Bankruptcy?

In order to find out if you qualify for Chapter 7 in California, they will perform a means test which examines a person’s average gross income for the 6 months prior to filing bankruptcy. If your average income is lower than the state average, you will quality for Chapter 7 bankruptcy. However, if not, you will be considered capable of paying off your debts through Chapter 13 bankruptcy or other repayment methods.

The Chapter 7 Bankruptcy Process in California

There are a few important aspects of the Chapter 7 bankruptcy process:

  • Means Test – In order to qualify for Chapter 7 bankruptcy, your financial information must be evaluated using the means test. This evaluation compares your average monthly income to the median monthly income in California. If your income is less than the median monthly income, you qualify for Chapter 7 bankruptcy. If it is more, you will be required to complete additional steps to determine if you are eligible or if you must file under Chapter 13.
  • Automatic Stay – When you qualify for Chapter 7 bankruptcy and initiate the process by filing, the court will issue a court order known as the automatic stay. This will prevent creditors and debt collectors from attempting to collect from you, including foreclosure, wage garnishment, utility shutoffs, and other collection actions will cease.
  • Debt Discharge – When your case comes to a conclusion, you will receive a debt discharge. It is important to note that not all debts are discharged under bankruptcy. Only unsecured debts, such as credit card debt and medical bills, will be wiped out at the end of the case. When you have received a discharge, you will no longer be liable for paying these debts, and will have the financial fresh start needed to begin rebuilding your financial stability.

The ultimate goal of bankruptcy is to help those who face insurmountable debt loads, not punish them. Our legal team can help you better understand the Chapter 7 bankruptcy process and how it will work in accordance to your unique situation. Our attorneys will also focus on handling all legal work involved, educating your about your rights, and providing you with the tools and information to succeed in the long-term.

Trust a Proven Attorney with Your Future

Bankruptcy is a significant and important undertaking in one’s life, and it has an impact on the trajectory of your future. Because of this, it is critical that you work with proven lawyers who have experience handling these cases. Over the years, our Southern California bankruptcy team has helped thousands of clients file their cases. We know the ins and outs of bankruptcy law, and we are passionate about delivering the genuine support and counsel clients need to not just navigate the legal process, but prepare for a brighter financial future.

If you would like to explore debt settlement options, we can also assist.

Contact us today to speak with a member of our legal team. Call 800-996-9932.

Let Us Help You Put The Pieces Back Together

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