Experienced Chapter 7 Bankruptcy Attorney Near You

The short answer is “Yes!”

Minor mistakes can cost you a great deal when filling Chapter 7 bankruptcy in California. An experienced bankruptcy attorney in Los Angeles will help you navigate the process for the best outcome for your situation.

A bankruptcy lawyer can help you evaluate your options and make the best choice based on your assets, debts, and income.

Bankruptcy is a legal process that helps individuals who have more debt than they can repay get a fresh start. If you have the means to repay your debts, you may be required to file Chapter 13. For debtors who do not have the means to repay their debts, Chapter 7 bankruptcy will discharge many of their debts.

There are pros and cons of filing Chapter 7 bankruptcy including the potential loss of your home or vehicle because your payments must be brought current to protect the asset and affirm the debts.

A Chapter 7 bankruptcy discharges your debts. A trustee will look at all your income, assets, and debts. You will have the option to protect some of your assets using legal exemptions that your California bankruptcy attorney will explain to you. Additional assets may be protected by affirming your intention to pay the debt. If there are assets that are not protected, the trustee will liquidate them and pay your creditors a part of the debt, but you will not have to pay the balance.

Chapter 7 bankruptcy is usually chosen by someone who has more unsecured debt than they can repay including credit card debt.

After the bankruptcy is discharged, your debts are considered satisfied. Your former creditors cannot attempt to collect discharged debts.

Some debts are not dischargeable including child support, student loans, criminal fines, and restitution.

When comparing a Chapter 7 bankruptcy vs 11, the best answer depends on whether you will be able to make payments or your financial setback is so severe that you’re unlikely to be able to make the payments required by a Chapter 11 bankruptcy. If you can make the payments, you may have a better chance of keeping your home or car with a Chapter 11 petition.

The advantages of bankruptcy Chapter 7 are that a Chapter 7 bankruptcy is often faster and less expensive than a Chapter 13 bankruptcy.

There are two types of debt, secured and unsecured.

Secured debts are loans for a specific purpose, such as a home mortgage, car loan, or a loan from a furniture store to purchase furniture.

Unsecured debts include credit card debt, medical bills, and other debts that do not have collateral.

Unsecured debts are discharged during bankruptcy. Secured debts may be managed in a variety of ways that differ depending on your situation.

Foreclosures and repossessions occur when the loan has collateral. While you cannot keep your home or car without paying for it, a Chapter 7 bankruptcy can buy you more time to get your finances in order or to sell your home or car. If your home is foreclosed upon, the bank will sell it and they may not hold out for the best price, causing you to lose equity that could have helped you recover from a financial setback.

When a car is repossessed, additional fees and expenses are added to the debt, often increasing the amount you owe by thousands of dollars.

If you are able to gain control of your finances, you may be able to keep your house or car by affirming your intention to continue paying the mortgage or car payment.

If you choose to file bankruptcy, an automatic stay stops your creditors from collection attempts, foreclosures, wage garnishments, and repossessions.

When you’re contemplating bankruptcy you may search for a “low cost bankruptcy lawyer near me.” When your finances indicate that an affordable Chapter 7 bankruptcy is your best option, you may wonder, “How do I file for bankruptcy with no money?” 

Don’t worry. Most people who are filing for bankruptcy don’t have spare cash to pay an attorney. Bankruptcy attorneys work with their clients to provide the assistance they need that is affordable. In many cases, you can file bankruptcy with no money down and make payments. Once you file, your obligation to make payments stops and you can use a portion of the income you were using to pay debts to pay the attorney.

In a Chapter 7 bankruptcy, non-exempt assets are liquidated to satisfy a portion of your creditor’s claims. If you do not have any assets, the creditors are not repaid but your allowable debts are still discharged. As soon as you file, wage garnishments and the requirement to make payments will stop. This often frees up more than enough income to pay your attorney.

If you believe bankruptcy is a good option for you, talk to us by contacting TheLegalReps chapter 7 bankruptcy lawyer. We know how to resolve many of the barriers you are worried about.

The first step is to hire an attorney who is experienced helping California residents file for bankruptcy. Contact our Los Angeles office to make an appointment today.

To qualify to file a Chapter 7 bankruptcy in California, you must pass a means test. Many individuals and families automatically qualify because their income is low enough (just over $60,000 a year for a single individual is the current cut-off). This limit increases as the size of the family increases.

Even if the income does not satisfy the means test, if the allowed monthly expenses are high enough, the person or family may still qualify for a Chapter 7 bankruptcy. 

While it is possible to file bankruptcy yourself, the process for filing Chapter 7 bankruptcy is complex; hiring an experienced bankruptcy attorney may help you protect your assets. Mistakes can lead to the loss of assets you could have retained if you had obtained competent advice from an attorney. 

After you file a Chapter 7 bankruptcy petition, all your creditors must stop hounding you for payments. Foreclosures and repossessions can be delayed and give you time to get your finances in order. Or, give you time to sell your house for the best possible price which could make a big difference in how quickly you recover from your financial setback.