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Los Angeles Bankruptcy Lawyers / Rancho Cucamonga Chapter 7 Bankruptcy Lawyer

Rancho Cucamonga Chapter 7 Bankruptcy Lawyer

Are you struggling with credit card or medical debt? Do you stay awake at night worrying about how you will pay your bills? If so, a Chapter 7 bankruptcy might be the right debt solution for you. A Chapter 7 bankruptcy is a powerful tool consumers can use to help them dig out from under an avalanche of debt. Wadhwani & Shanfeld is an established consumer bankruptcy law firm in California who has helped thousands of debtors seek financial freedom. Contact us today. A Rancho Cucamonga Chapter 7 bankruptcy lawyer can explain this option in greater detail in a private consultation.

What is a Chapter 7 Bankruptcy?

The name comes from a section of the bankruptcy code. With a Chapter 7, you can eliminate certain eligible debts:

  • Credit cards
  • Personal loans
  • Medical debts
  • Some taxes
  • Certain court judgments

The process is fast and easy. You fill out a petition listing all your debts, as well as your income. Once you file your petition, all collection efforts must cease. That means no more calls at home from debt collectors or annoying letters in the mail. If you’re being sued, the lawsuit is stopped in its tracks.

At the end of the process—which only takes a few months—your eligible debts get wiped out. It’s that easy. You can move forward with your life without crushing debts on your mind.

Not everyone qualifies for Chapter 7. You need to pass a means test first, which looks at your income and compares it to the California median for a household of your size. If your income is less than the state’s median, you automatically qualify. If not, you might qualify using a different method.

A Chapter 7 bankruptcy comes with some strings:

  • Not all debt can be eliminated. For example, you can’t get rid of secured debt (like a mortgage).
  • Child support and alimony payments are not eliminated. You still have those obligations.
  • You might lose some property. The trustee who oversees the bankruptcy might sell your house or car to free up equity and give it to your creditors. California has some generous exemptions, so review what property you can exempt with a lawyer.
  • The bankruptcy stays on your credit report for 10 years. During that time, it’s harder to get new credit, and you might have to answer questions about the bankruptcy if you apply for a new job.

Is this the right option for you? Speak with a lawyer at our firm to find out more. You might have other options, like a Chapter 13 bankruptcy or debt settlement. We believe in empowering our clients to choose the debt solution which meets their needs.

Ready to Find Out More? Call Us

A Chapter 7 bankruptcy might sound too good to be true. Can you really eliminate hefty credit card bills and crushing medical debt? You can. Wadhwani & Shanfeld has helped hundreds of consumers find peace of mind by using the bankruptcy process. Call to speak with a Rancho Cucamonga Chapter 7 bankruptcy lawyer today.

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