Los Angeles Chapter 7 Bankruptcy Attorney
Eliminate Debt Through Liquidation
Unpaid debt can lead to serious financial issues, and should be handled with due care and consideration. For many individuals, filing bankruptcy is the best way to resolve debt and start fresh, and our attorneys at Wadhwani & Shanfeld can help you through it.
With over 65 years of legal experience, our firm has the knowledge necessary to guide you through each step of the bankruptcy process, from determining your eligibility to helping you retain important assets. Turn to a bankruptcy firm in Los Angeles you can trust, and rest easy knowing your financial future is secure.
Speak with our legal team and learn all about your financial relief options at 800-996-9932!
Debts That Can Be Discharged
Chapter 7 is the most common form of bankruptcy that provides a way for you to liquidate your assets and receive full forgiveness for outstanding debts.
The debts that can be eliminated through Chapter 7 are called unsecured debts, and may include:
- Credit card debt
- Medical bills
- Personal loans
- Payday advances
Also called liquidation or straight bankruptcy, Chapter 7 takes as little as four months, and may allow you to retain certain assets, like your home or car. At the end of the case, the court will discharge all qualifying debts.
Chapter 7 bankruptcy is a very straightforward process, and it is usually considered the simplest form of bankruptcy.
Debts That Cannot Be Discharged
There are certain debts that cannot be discharged in bankruptcy.
Debts such as the following are not dischargeable :
- Child support
- Student loan debt
- Certain tax debts
- Personal injury debt from drunk driving
- Debt from fraud
- Government fines and penalties
Even if you file for Chapter 7, you must continue to repay these debts as they cannot be discharged in any bankruptcy. To learn more about how to manage these debts, talk to an attorney.
Benefits of Chapter 7
Chapter 7 bankruptcy has many benefits that you can take advantage of — and typically it can be completed within a few short months. Here’s what Chapter 7 bankruptcy can do for you:
- End harassing phone calls from debt collectors
- In most cases, you can keep your house and car
- Most household possessions can be protected
- Eliminate unsecured debt
- Get a fresh start in a matter of a few months
How to Qualify for Chapter 7 Bankruptcy
Eligibility for Chapter 7 bankruptcy is determined by a means test, which examines a person’s average gross income for the 6 months prior to filing bankruptcy. If someone makes less than the average income of their state, they will qualify for Chapter 7. Those who do not qualify for Chapter 7 are considered capable of repaying their debt through Chapter 13 bankruptcy or another repayment method.
Chapter 7 Bankruptcy Exemptions
For most individuals, the primary concern with filing bankruptcy is whether or not they will lose their home. With Chapter 7, it is possible to retain possession of your house, especially if it is considered an exempt property. You may also be able to retain essential possessions, like cooking utensils, bedding, and even benefits or retirement funds.
Preparing for Your Ch 7 Bankruptcy Consultation
Taking on your own bankruptcy case can be an arduous and stressful task if you are not well-versed in bankruptcy law. The first step is to contact an experienced bankruptcy attorney. Having an attorney on your side gives you the opportunity to get all the facts and questions answered so you can make an informed decision.
Here are some things that may be required to bring to your appointment for your attorney to review:
- Most recent bank statements
- Most recent bills from your creditors
- Car payments (leased or purchased)
- Medical bills
- Any judgments/ pending litigations
- Divorce decree or other documents showing child support/maintenance.
Find Your Debt Resolution, Today
If you think Chapter 7 bankruptcy may be an option for you, contact Wadhwani & Shanfeld to speak with one of our lawyers in Los Angeles. As we begin the process to your financial resolution, we will need to file a petition, along with several forms regarding your properties, income, expenses, and total debts.