Sherman Oaks Chapter 7 Bankruptcy Attorneys
Helping Individuals and Families Restore Financial Order
Also referred to as liquidation bankruptcy, Chapter 7 can help you and your family effectively eliminate debt and move forward with a fresh start. Our Sherman Oaks Chapter 7 bankruptcy lawyers have over 65 years of legal experience, during which time we have helped more than 20,000 people. We are passionate about helping our clients reconfigure their finances to effectively get out from under mounting debt once and for all.
On This Page:
- How to Qualify for Chapter 7 Bankruptcy
- Understanding Chapter 7 Bankruptcy
- Finding the Right Debt Relief Option for You
- Let Our Chapter 7 Bankruptcy Attorneys Help
If you are interested in filing Chapter 7 bankruptcy, contact our legal team for a free case evaluation.
Eligibility for Chapter 7 bankruptcy is determined by a means test. A means test examines an individual's average gross income for 6 months prior to filing for bankruptcy. If you make less than the average income in your state, you will qualify for Chapter 7 bankruptcy. Those who do not qualify are considered capable of repaying their debt through Chapter 13 bankruptcy or other repayment method.
Chapter 7 bankruptcy is the most commonly used method of bankruptcy because it can enable you to seek relief from all of your debt. In order to so, the filer must trade certain assets to make up for the debts, which is why it was given the name liquidation bankruptcy. While you may seek to retain certain possessions, like your home or vehicle, every situation is different. Which assets you liquidate will depend on your financial situation, the debts you owe, and your own personal preferences. One of the biggest advantages to Chapter 7 bankruptcy is that the process is short, sometimes taking as little as 4 months.
The types of debt Chapter 7 can help you relieve may include:
- Personal loan debt
- Credit card debt
- Outstanding medical bills
- Payday advances
In order to qualify for Chapter 7 bankruptcy, you must pass a means test. The means test evaluates a person’s income in proportion to the average in their state and will determine whether they are able to pay off their debt by any other means. If you demonstrate you cannot pay off your own debt, you “pass” the means test and are eligible to file Chapter 7 bankruptcy.
At Wadhwani & Shanfeld our Sherman Oaks Chapter 7 bankruptcy lawyers have the experience and knowledge necessary to successfully help you choose the best option for your debt relief. If you are considering Chapter 7 bankruptcy as an option but aren’t sure if it’s the best one for you, we are here to advise you and provide you with honest feedback and guidance. Our goal is to see you living a debt-free life and we are confident in our ability to establish your financial freedom, either through Chapter 7 bankruptcy or another means of debt relief.