Encino Chapter 7 Bankruptcy Lawyer
Helping Clients Nationwide File for Chapter 7
Known widely as "liquidation" or "straight bankruptcy",
Chapter 7 bankruptcy provides filers with
protection from their creditors and relief from many of the debts that have overwhelmed and burdened them.
It will allow you to clear most of your outstanding debts quickly and
get a fresh start in your financial life.
Our Chapter 7 attorneys in Encino are ready to help and serve nationwide.
Contact us online or call (866)210-1722 for a free consultation! Services in Spanish are
available.
Benefits of Chapter 7 Bankruptcy
Are you suffering from debt? You have plenty of options -- to find out
what will work for you, speak with an experiened Chapter 7 lawyer near you.
Common reasons why people choose Chapter 7:
- There is no limit to how much debt you have.
- Certain debt will be eliminated and you will not be held liable after it
is discharged -- you will get a "fresh start".
- Debt may be discharged in as little as 3 months.
- There is no repayment plan.
- You may keep property after filing Chapter 7, though be aware that some
forms of property cannot be kept.
How to Qualify for Chapter 7
Not all consumers can file for Chapter 7 bankruptcy. In order to file,
you must be able to meet the requirements listed below.
- You pass the means test.
- 180 days before filing, you must complete a credit counseling course approved
by the U.S. Trustee Program.
- Did you file for Chapter 7 in the last 8 years? If a discharge was granted,
you will not be able to file.
- If you filed for Chapter 13 and you were granted a discharge, you must
wait 6 years to file for Chapter 7.
If you are unsure if you are able to file, contact an Encino Chapter 7
lawyer at Price Law Group today. During your free initial consultation
we can take a look at your financial situation, determine if you qualify,
and see if this option works best for your circumstances. Our team is
backed by years of experience and we are ready to guide you toward a fresh start!
Call (811)210-1722 to schedule a consultation with one of our skilled Chapter
7 attorneys in Encino. We speak Spanish and serve clients nationwide!
Qualifying via the Means Test
To qualify for a Chapter 7 bankruptcy you must make less than the median
income for people in your area. If your income is above the median income
level in your area, you may still be eligible for Chapter 7 protections,
but you will have to undergo a
means test to determine how much disposable income you have.
To determine this, your monthly expenses for rent, utilities, and payments
on items not included in the bankruptcy will be deducted from your monthly
income. Your disposable income is then multiplied by 60 to see how much
money would be available to pay your unsecured creditors over a five-year
period. If this total is $10,000 or more, you will not be eligible for
Chapter 7 bankruptcy and will be required to enter into a
Chapter 13 bankruptcy repayment plan. If your disposable income totals less than
$10,000 in a five year period, there is still more to the means test.
If your disposable income is $100 a month or more, and the total over
the five-year period is equal to 25 percent of your unsecured debt included
in the bankruptcy, you will be required to file a Chapter 13 bankruptcy.
If your disposable income is less than $100 a month, you will qualify
for Chapter 7 bankruptcy protection.
Exempt Assets Under Chapter 7 Bankruptcy
Under Chapter 7 bankruptcy, you will have the ability to keep all of your
exempt assets. Exempt items differ from state to state. Generally, they will include
retirement savings in approved pension, 401k and individual retirement
accounts (IRA). They often include a homestead, vehicle and personal items.
Speak to your
bankruptcy attorney in Encino about which assets are protected under the bankruptcy
laws in your state.
What Debt is Not Eligible?
Some debts are not eligible for discharge in bankruptcy. Child support
payments,
student loans, and most tax debt will not be
discharged in bankruptcy.
Considering Bankruptcy? Call Our Chapter 7 Attorneys in Encino 866-210-1722.
At Price Law Group, our nationwide bankruptcy lawyers are backed by years
of experience. We are prepared to answer any of your questions and guide
you through filing for bankruptcy, every step of the way. We are also
here to help you explore
alternatives to bankruptcy. No matter your situation, we are ready to help you find the solution
that works best for you. Contact us today.
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