Palmdale Chapter 7 Bankruptcy Lawyers
The majority of all bankruptcy cases in the US are filed under Chapter 7, and the benefits are a top reason debtors seek this remedy. When you start the process, there is an automatic stay on all creditor calls and efforts to attempt to collect the debt. Plus, through Chapter 7, you can discharge all debts without losing exempt assets. At the conclusion of your case, you emerge debt-free and can get started building your financial future.
However, to take advantage of these benefits, it is wise to have skilled bankruptcy lawyers on your side. At Wadhwani & Shanfeld, our team has the knowledge and experience to guide you through the Chapter 7 process. We will explain how these cases work and provide the details you need to make informed decisions, so you fully understand the impact of bankruptcy. Please contact our firm to set up a consultation with a Palmdale Chapter 7 bankruptcy lawyer who will provide personalized advice. It is also helpful to review some basics.
Overview of Chapter 7 Bankruptcy
This type of bankruptcy discharges your debt, after you sell certain property to pay back creditors. However, only nonexempt assets can be sold to satisfy the debt, so many Chapter 7 cases are considered no-asset filings. Most people who file will not lose any assets.
The biggest key with Chapter 7 is eligibility, which starts by looking at your income. There are two assessments:
- If your income falls below the state median in California, you automatically qualify.
- You may still qualify if your income is higher, but you pass the Means Test that assesses disposable income.
Because nonexempt assets can be sold to pay creditors, you will want to have as much of your property as possible classified as exempt. Some examples of items you may be able to keep include:
- Equity in your home and car;
- Household items and personal effects;
- Cash in bank accounts;
- Tools you use for work; and,
- Qualifying retirement plans.
How Our Certified Chapter 7 Lawyers Help
Wadhwani & Shanfeld will handle all essential tasks with bankruptcy, starting with an assessment of your financial condition and goals. If we decide with you that Chapter 7 is an appropriate solution, you can count on our Southern California bankruptcy lawyers to:
- Evaluate your eligibility based upon income under the state median or through application of the Means Test;
- Gather all paperwork necessary for filing;
- Prepare the bankruptcy petition and all supporting documents;
- Forward proper notices to creditors and other interested parties;
- Coordinate the legal requirements, such as your participation in credit counseling; and,
- Attend court as necessary and for the final hearing.
Get Legal Help from a Palmdale Chapter 7 Bankruptcy Lawyer
This summary is useful, but in-depth knowledge of the laws and process is essential for a Chapter 7 case. Our team at Wadhwani & Shanfeld is prepared to serve your needs, so please contact us to schedule a consultation. A Southern California bankruptcy lawyer can provide additional details about your case after reviewing your circumstances.