Los Angeles Chapter 7 Bankruptcy Lawyers

The compassionate bankruptcy law team at Weintraub Zolkin Talerico & Selth LLP understands that life can be overwhelming when you are struggling to pay off your debts. We know the stress of dealing with creditors and debt collectors who are hounding you for payments you simply cannot afford. That is why we dedicate our extensive resources to helping clients throughout the greater Los Angeles area file for Chapter 7 bankruptcy so that they can take control of their financial situations.

Call (310) 220-4147 to discuss if Chapter 7 is the right option for you

What Is Chapter 7 Bankruptcy?

Chapter 7, also called straight (liquidation) bankruptcy, is the most common type of bankruptcy in the U.S. This type of bankruptcy is a good option when you have too much debt or have too many creditors for debt settlement.

Under a Chapter 7 bankruptcy, specific assets are used to repay unsecured debts. Qualifying debts are entirely wiped away by a Chapter 7, offering you a clean financial slate.

Additionally, some of your assets (exempt assets) can be protected under this type of bankruptcy agreement.

Am I Eligible to File for Chapter 7 Bankruptcy?

Before filing for Chapter 7, you may be required to undergo a Means Test to determine your eligibility, depending on the type of debts you have. The Means Test first checks if your household's monthly income falls under the median in a state for a household of your size. If it does, you automatically pass the test. Otherwise, the Means Test will consider your essential expenses, determining the amount of disposable income you have to repay your debts.

As long as you haven’t received a Chapter 7 bankruptcy discharge in the past eight years and qualify under the means test, you should be able to file. While the process can take four to six months, Chapter 7 bankruptcy enables individuals to eliminate credit card debt, judgments, medical bills, and other types of debt so they can move forward with their lives without the loss of exempt assets. Learn more about eligibility for Chapter 7.

If you are found to not qualify for Chapter 7, a Chapter 13 bankruptcy may still be an option for you.

How Does Chapter 7 Work?

Once you qualify for Chapter 7, the filing process can proceed as follows:

• Trustee review of financials: A trustee is given authority to examine all financial records in order to review the bankruptcy petition. It is the trustee’s job to verify that the information provided to the court matches your financial documents, such as pay stubs and bank statements, and ensure they are accurate.
• Assets are liquidated to pay debt: The trustee will then decide which assets or properties to sell in order to pay back creditors. While your Chapter 7 case is pending, there is an automatic stay that halts all credit collection activities.

Although Chapter 7 bankruptcies have declined in California over the years, it should not discourage you from reaching out to a legal professional to explore your options.

How Can I Protect My Assets in Chapter 7 Bankruptcy?

Once it becomes clear that a bankruptcy filing should take place, the question of the best time to file arises. Our Chapter 7 lawyers carefully assess the factual and legal issues of your case to ensure the best possible outcome. Because of this careful approach, except in those rare circumstances where our client knew in advance of this possibility and decided to proceed with the case anyway, we have never had a client lose an asset in a bankruptcy case.

Call (310) 220-4147 to schedule a free consultation today.

Let's Explore Your Options

If you are eligible, Chapter 7 bankruptcy can be an effective solution that can wipe out more of your debts. Our attorneys personally guide you through the entire process, helping you navigate the various laws, exemptions, and other aspects of your case. You'll have an experienced lawyer on your side advocating for your financial interests every step of the way.

To learn more about whether Chapter 7 is right for you, contact our team. We can review your debts to help you determine your eligibility and provide more information about what filing for Chapter 7 bankruptcy can look like in your situation.

Call us today for a free consultation. Debt relief is possible.