Sherman Oaks Bankruptcy Attorneys
The Experience & Dedication You Need for Debt Relief
At Wadhwani & Shanfeld, our Sherman Oaks bankruptcy lawyers understand the nuances of bankruptcy cases and we know how to strategize so that each client we work with is able to achieve financial stability in a timely and effective manner. Our legal team has over four decades of collective experience helping individuals and families embroiled in serious debt. With over 20,000 satisfied clients, no debt crisis is too complex for us.
We can help you if you are dealing with debts such as:
- Medical bills
- Credit card bills
- Car payments
Dial (800) 996-9932 to discuss your bankruptcy options with our skilled Sherman Oaks bankruptcy attorneys.
Read A Testimonial from a Satisfied Client
"Thanks to Greg and his staff, I was able to get rid of my debt stress free. [They] were very easy to talk to and explained the process without sounding like another language. Can honestly say they did what they said and made my life a lot less stressful. Thanks for the new beginning."
- Jeff, 5/5 Stars
Personalized Solutions for Your Debts
At Wadhwani & Shanfeld, our Sherman Oaks bankruptcy lawyers firmly believe that there is no "one size fits all" solution to debt. Every case is unique just as every client is unique. We offer everyone who comes to our office a tailored experience, beginning with a free case evaluation, when the prospective client can get to know our team and receive answers to any questions they have. From there, we work to build individualized strategies for our clients.
Our Sherman Oaks bankruptcy attorneys can guide you through a wide range of debt-relief matters, including:
- Deciding between Chapter 7 or Chapter 13 bankruptcy
- Finding ways to save your home from foreclosure
- Exploring options to relieve student loan debt
- Dealing with creditor harassment
- Educating you on how to rebuild your credit and finances after bankruptcy
Learn more about our customized solutions and how we accomplish our commitment to helping our clients escape serious debt and begin the process of rebuilding their financial lives.
Sherman Oaks Bankruptcy FAQ
What Are the Most Common Bankruptcy Options?
The two most common bankruptcy options for individuals (non-business/non-commercial entities) are Chapter 7 and Chapter 13. Which of the two you choose depends mainly on your overall financial situation and the nature of your debt. One of our Sherman Oaks bankruptcy lawyers at Wadhwani & Shanfeld can help you evaluate your circumstances, determine your options, and identify exemptions.
Is Chapter 7 Bankruptcy Right for Me?
There are several important points to keep in mind when determining whether you should file for bankruptcy under Chapter 7:
- Chapter 7 is a liquidation form of bankruptcy. Individuals with high equity and several valuable assets may risk losing property.
- Courts use a means test to determine eligibility for Chapter 7 bankruptcy. Your average household income must be below the state median to be eligible.
- Because courts discharge the remaining balance of unsecured debts after the liquidation process (if there is one), Chapter 7 is best used as a strategy for resolving these debts.
- Certain assets may qualify for liquidation exemptions, but you must have below a certain amount of equity in each asset.
Is Chapter 13 Bankruptcy Right for Me?
Here are a few important factors to consider when deciding if Chapter 13 bankruptcy is right for you:
- Assets are protected from liquidation under Chapter 13, which makes it a good option for resolving secured debts.
- Courts do not use a means test to determine Chapter 13 eligibility, meaning more people qualify for bankruptcy under this option than under Chapter 7.
- The Chapter 13 repayment plan consolidates debts into one reccurring monthly payment, which accounts for most of your disposable income and lasts 3 to 6 years.
What Is a Bankruptcy Exemption?
In the context of Chapter 7 bankruptcy, state exemptions legally protect certain assets from liquidation, meaning courts cannot seize them to pay off creditors. Examples of assets that may qualify include residential property, motor vehicles, and jewelry. The main factor in determining an exemption is the amount of equity you have in a specific asset. In general, your equity must be below a certain value to qualify. For example, if last year’s median sale price of homes in your county was less than $300,000, you could qualify for a 704 homestead exemption so long as your home equity is below that amount. This number increases if the median sale price was above $300,000 (up to $600,000).
What Are Secured and Unsecured Debts?
Secured debts are backed by physical collateral. Common secured debts are home mortgages and motor vehicle loans. If you fail to make payments on the loan amounts for these items, creditors may seize them to pay what you owe. This process is called liquidation. In contrast, unsecured debts are not backed by physical objects. These debts include credit card balances, outstanding medical expenses, and student loans (which can only be resolved via bankruptcy in certain scenarios).
Call Our Dedicated Sherman Oaks Bankruptcy Attorneys
You can rely on our team at Wadhwani & Shanfeld. We handle all types of bankruptcy cases, including those falling under Chapter 7 and Chapter 13 of the United States Bankruptcy Code, as well as debt settlement, foreclosure defense, student loan relief, and debt defense.
Our lawyers are members of a number of prestigious legal organizations, including the Central District Consumer Bankruptcy Attorney Association and the National Association of Consumer Bankruptcy Attorneys. We have also earned an A+ rating from the Better Business Bureau. Learn more about how our elite legal team can help you improve your financial future.
Call Wadhwani & Shanfeld today to set up a free case review with our Sherman Oaks bankruptcy lawyers.