When people want to know if they can get rid of their debt, they want to know if they can erase all of it. With a successful Chapter 7 bankruptcy filing, it might be possible. Our Long Beach bankruptcy attorneys at Wadhwani & Shanfeld have personally helped manage and file more than 10,000 bankruptcy cases for clients throughout the years. If you think that Chapter 7 bankruptcy is the right choice, do not hesitate to contact our highly-experienced lawyers today to learn more about it.
How Chapter 7 Bankruptcy Works
Our Chapter 7 attorneys in Long Beach want our clients to know everything about the bankruptcy option they are exploring before getting too far ahead. To this end, we work closely with all of our clients and keep them in the loop, making the entire process far less stressful than it can be. It begins with knowing how to qualify for Chapter 7 and passing the means test.
Everyone who uses Chapter 7 must first pass a means test that compares their income, debt, and overall financial situation to the average household within their state. If you bring home significantly less income than most Californians due to debt pressures, you may qualify. Otherwise, you might not qualify and instead have to consider Chapter 13 or other alternatives. Our Long Beach bankruptcy lawyers make it easy to understand and take the means test, starting you off in the correct direction.
Liquidating Debt with Chapter 7 Filings
Chapter 7 bankruptcy is generally what people imagine when thinking of the bankruptcy process. It is sometimes called liquidation bankruptcy because it aims to remove all forms of debt completely. However, the trade-off may be surrendering certain assets and properties to debtors or financial institutions.
Unsecured debt that is usually liquidated in Chapter 7 bankruptcy includes:
- Credit card debt
- Individual loans
- Outstanding medical bills
- Payday advances
Although it is rarer, Chapter 7 bankruptcy may also be able to liquidate student loan debt. To understand how this can be done, or for other options to deal with student loan debt, call (800) 996-9932 to talk to our Long Beach bankruptcy attorneys now.
Equipped with the Knowledge to Help You Succeed
The longer you wait to explore your Chapter 7 bankruptcy options, the longer you will remain in uncomfortable or unbearable debt. Why delay action when our Long Beach Chapter 7 attorneys make it simple for you to start? Fill out a free case evaluation form to tell us about your financial situation, and we will get back to you as soon as possible.