Los Angeles Chapter 7 Lawyer | Los Angeles Chapter 7 Attorney | Los Angeles Chapter 7 Law FirmIf you simply cannot make ends meet, you should consider a Chapter 7 bankruptcy. Filing for a Chapter 7 bankruptcy can be ideal if you have overwhelming credit card debt, medical bills, or are facing lawsuits over your debts. Contact the attorneys of Los Angeles Bankruptcy with any questions. Many people try to survive as long as possible by shifting debt from one credit card to another. For 6-12 months, you can keep sending credit card checks from one company to another to stay afloat. But you will only be delaying the day when you must file for bankruptcy. The Benefits of Chapter 7 Free Consultation Chapter 7 bankruptcy is sometimes known as "liquidation," because it involves paying off part of your debt by selling off assets that are not necessities. Once you have liquidated the assets, your debts are "discharged," or wiped clean. Few people, if anyone, actually pay off all their debts before they are discharged. When you file for Chapter 7, you are making a good-faith effort to resolve your financial troubles instead of just delaying them. So as soon as you file, your creditors must, by law, stop all harassment. And most wage garnishments must also cease. Perhaps best of all, a Chapter 7 bankruptcy will quickly resolve your debt and let you start over from scratch. You credit will not be ruined -- in fact, you can rebuild your credit relatively quickly after a Chapter 7. The Potential Disadvantages of Chapter 7 Free Consultation At Los Angeles Bankruptcy, we do not want you to file for a Chapter 7 bankruptcy without first understanding the potential disadvantages. Our lawyers are here to do what is best for you, and we explain all the upsides and downsides of each option. For instance, if you want to keep your house and car, you will still have to make payments on them during and after the bankruptcy process. In California, you cannot completely eliminate debts and still keep your house and car. However, you can keep a home and a vehicle for each adult of driving age while going through a Chapter 7. (See also Saving your Home and Car.) What is Chapter 7 bankruptcy? When you file for Chapter 7 bankruptcy all collection efforts by creditors must stop under federal bankruptcy law. What this means is that creditors must end all liens on your paycheck, foreclosures and repossessions. How soon after wards can I buy a home? Most people qualify within1-2 years. Some factors that mortgage lenders will consider most important at the time you apply for a home loan will be your job, current credit status and down payment. Benefits of Chapter 7 Bankruptcy When you file for a Chapter 7 bankruptcy, an automatic stay is placed on your debts. This means that your creditors must stop collection activity, including liens, and attempts to foreclose and repossess your property. Contrary to what some creditors or collection agencies may tell you, there is nothing illegal about filing for bankruptcy. In fact, it is your right to file for bankruptcy. Will Filing Bankruptcy Ruin My Credit? “Will filing bankruptcy ruin my credit?” This is a common question asked by individuals contemplating a bankruptcy filing. Usually this question is answered by asking another question, “If you are considering bankruptcy, isn’t your credit already ruined?” Individuals in serious financial crisis generally wait too long before seeking assistance. A recent survey by the Consumer Bankruptcy Project, a continuing study of consumer bankruptcy filings, found that over 40 percent of individuals said they struggled with financial difficulty for more than two years before filing bankruptcy. Free Consultation If you are facing a serious financial crisis, it is in your best interest to educate yourself and to identify your financial options. Waiting can only exacerbate the situation. Sometimes individuals try to “save the sinking ship” by taking on more debt (e.g. a home equity loan) to solve their debt crisis. Others empty their retirement accounts to pay down short-term debt. These tactics are short-term solutions and will rob your family of its future financial health. Even sadder is that many individuals discover that their quick fix solutions did not solve their financial problems – only now they are facing bankruptcy with no equity in their home, or without a retirement account. Free Consultation A bankruptcy filing will stay on your credit report for ten years and may have a detrimental impact on your ability to borrow money (at least in the short run). However, bankruptcy will also lighten your debt load significantly and give you a second chance to arrange your finances in a way that is manageable for years to come. If you are facing serious financial difficulties, speak to an experienced bankruptcy attorney before taking a quick fix route just to save your credit score. Don’t be “penny wise and pound foolish.” Free Consultation Bankruptcy's "Fresh Start" The principal theory of consumer bankruptcy in America is that it provides a “fresh start” to debtors. A prime example of this policy is found in the 1918 Supreme Court case of Stellwagen v. Clum in which the Court stated: Free Consultation “This purpose of the act has been again and again emphasized by the courts as being of public, as well as private, interest, in that it gives to the honest but unfortunate debtor . . . a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.” Free Consultation The idea of giving a poor, but honest debtor a “fresh start” is not a modern concept. The Bible also contains debt forgiveness laws: “At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the Lord's release.” Deuteronomy 15:1-2. Free Consultation Under modern bankruptcy law a debtor is entitled to a Chapter 7 bankruptcy discharge once every eight years. However, this is not a clean slate. A Chapter 7 bankruptcy can stay on your credit report up to 10 years, and you may encounter other obstacles after filing bankruptcy (e.g. obtaining credit). Several bankruptcy courts have described the Chapter 7 discharge as giving honest but unfortunate debtor a fresh start, not a head start. Free Consultation Bankruptcy is a safety net when you are at the end of your rope. The Chapter 7 discharge provides a second chance and a new beginning free of creditor harassment. If you are burdened with debt, consult with an experienced bankruptcy attorney and discover how a fresh start under the law can help you. Free Consultation Court fees The court fee to file a Chapter 7 bankruptcy in California is approximately $299. For more information go to: www.txnb.uscourts.gov/Clerks-Office/Filing-Fees. Bankruptcy attorney fees Many bankruptcy attorneys are willing to work out a reasonable payment plan so you can file for a Chapter 7 bankruptcy as soon as possible to avoid a lien on your paycheck, a foreclosure on your home or repossession of your vehicle. Additionally, most bankruptcy attorneys offer a free consultation to discuss your specific financial situation and to determine if a Chapter 7 bankruptcy is the best choice for you. Free Consultation Am I eligible to file Chapter 7 bankruptcy? In order to be eligible to file for Chapter 7 bankruptcy, you must meet all of the following criteria:
Chapter 7 Bankruptcy Q&A Often filing for a Chapter 7 bankruptcy is seen as the final step in a personal financial crisis. While this thought is understandable, it’s more realistic to view a Chapter 7 bankruptcy as the beginning of financial freedom. Benefits of a Chapter 7 bankruptcy Briefly, filing for Chapter 7 bankruptcy will place an automatic stay that will help protect you against:
The filing fees for a Chapter 7 bankruptcy The fee to file a Chapter 7 bankruptcy in California is approximately $299. For more information go to: www.txnb.uscourts.gov/Clerks-Office/Filing-Fees. Attorney fees involved in a Chapter 7 bankruptcy When considering the fees associated with attorney fees, the big picture must be taken into account. Mistakes on a Chapter 7 bankruptcy application can end up costing you money in the long run. Furthermore, representation by a skilled bankruptcy attorney can help you deal with unethical action from overzealous creditors who may harass you or refuse to remove liens on your paycheck or other assets. Free Consultation Many bankruptcy attorneys are willing to work out a reasonable payment plan so you can file for a Chapter 7 bankruptcy as soon as possible to avoid a lien on your paycheck or repossession of your vehicle. Chapter 7 Bankruptcy Fees In Los Angeles Many debt consolidation companies want you to believe that a Chapter 7 bankruptcy is expensive and that it will destroy your credit. Nothing could be farther from the truth. Bankruptcy fees are relatively low compared to a lien on your assets or endless payment plans that you probably cannot afford on a long-term basis and that will eventually lower your credit score. Free Consultation Bankruptcy Attorney Fees While it is true that you can file for bankruptcy on your own, bankruptcy laws can be very complicated. Unless you have working knowledge of the current bankruptcy laws, you may miss something that can benefit you. For example, many people who file on their own still have problems with creditors sending them letters and removing the debt from their credit report. This is an aggressive tactic that many creditors use when they know someone does not have an attorney. They know these actions are unlawful but will continue because they know that the average person does not fully understand their rights under bankruptcy law. You can avoid being a victim of this tactic by speaking to an experienced bankruptcy attorney. Free Consultation Many bankruptcy attorneys are willing to work out a reasonable payment plan so you can file for a Chapter 7 bankruptcy as soon as possible to avoid a lien on your paycheck or repossession of your vehicle Chapter 7 and Buying a Car Free Consultation All Texans know how important it is to have a car. You need it for work and for daily activities such as grocery shopping and running other errands. For others it means the difference between having a job or not. What is Chapter 7 bankruptcy? Free Consultation When you file for Chapter 7 bankruptcy all collection efforts by creditors must stop. What this means is that all liens on your paycheck, foreclosures and repossessions must end. How soon afterwards can I buy a car? Free Consultation Typically 1-2 years. Used and new car dealers are very agreeable to extend credit to people who have a discharged Chapter 7 bankruptcy. They do so because the applicant now has no debt and is able to make timely payments. The key is to keep your credit clear and make payments on time. Chapter 7 and Buying a House Free Consultation One of the biggest concerns for people contemplating filing for a Chapter 7 bankruptcy is the possible effect bankruptcy may have when purchasing a home in the future. Most people think that a Chapter 7 bankruptcy will keep lenders from approving a home loan. But in reality the opposite is true. Contact us with any Questions Free Consultation At Los Angeles Bankruptcy, our lawyers are ready to answer any of your questions about Chapter 7 bankruptcy and whether it is right for you. Contact us any time. We maintain office hours 6 days a week and can meet with you in the evenings or on weekends. Flexible payment plans are available. Free Consultation Se habla español Chapter 7 Bankruptcy Lawyer | Chapter 7 Bankruptcy Attorney | Chapter 7 Bankruptcy Law Firm | Chapter 7 Bankruptcy Lawyers | Chapter 7 Bankruptcy Attorneys | Chapter 7 Bankruptcy Law Firms |
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What is Chapter 7?
- Repossessions
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