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Chapter 7 Bankruptcy

Calabasas Bankruptcy Attorney Serving San Fernando Valley and Ventura County

Are you overcome with debt, unable to make payments, or harassed by bill collectors? Perhaps you are facing lawsuits from collection agencies or wage garnishments. Being in such financial difficulty can be extremely stressful, frightening, and confusing. If this describes your situation, we strongly recommend that you contact our firm to speak with a Calabasas bankruptcy lawyer to get the facts about bankruptcy, learn how it can benefit you, and find out how to begin implementing legal solutions to your financial crisis. One of these solutions is filing for a Chapter 7 bankruptcy, which is generally used by individuals and is the quickest and easiest to process.

What is a Chapter 7?

A Chapter 7 bankruptcy is also referred to as straight bankruptcy or liquidation. In this type of case, you turn over nonexempt property, if any exists, to the bankruptcy trustee who converts it to cash to pay your debtors. In return, you receive a discharge of your unsecured debts, such as credit card debt or medical and dental bills. This means that you are released from those debts listed in your bankruptcy petition. Anyone who resides in, does business in, or has property in the U.S. is permitted to file a Chapter 7 except someone who has intentionally dismissed a case within the last 180 days.

This process takes about 4 to 6 months. In order to be eligible for a Chapter 7 case, you must qualify under what is called "means testing." If your income is at or below the state's median level, you are eligible. If it is not, then you must show your disposable monthly income and expenses and that you are unable to make a specific payment amount to unsecured creditors each month. If you do not qualify for a Chapter 7, you can convert your case to a Chapter 13. Once you file your petition, an automatic stay is imposed by the court which prohibits your creditors from contacting you in any way concerning your debts. These creditors may only pursue payment through the bankruptcy court.

To find out if you qualify for a Chapter 7 bankruptcy in California, you should consult with a Calabasas bankruptcy attorney at our firm. We serve clients in Calabasas, Simi Valley, Thousand Oaks, Woodland Hills, Agoura Hills, Moorpark, Westlake Village, and Ventura County.

Contact a Calabasas bankruptcy lawyer at the firm to get started on a Chapter 7 filing today.

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4764 Park Granada, Suite 206, Calabasas, CA 91302