Chapter 7 Bankruptcy Lawyer in San Fernando Valley
Dedicated Assistance for Rebuilding Your Finances
Chapter 7 bankruptcy is the most common filing type. Also called liquidation bankruptcy, this chapter is ideal for individuals or families without large and complex assets. As soon as you file, harassment from creditors will effectively be terminated, as it becomes illegal for them to contact you regarding repayment once aware of your filing.
If you’re having difficulty recovering from financial hardship, contact the Tax Relief & Bankruptcy Group. Our bankruptcy lawyer offers the legal and financial knowledge necessary to help you find the bankruptcy filing right for you and will remain accessible throughout the process.
Contact us today to start your financial recovery.
Chapter 7 Bankruptcy Eligibility
To qualify for Chapter 7 bankruptcy relief you must meet the following requirements:
- You must be an individual, partnership, or corporation
- You have not had a recent bankruptcy discharge within the past 8 years
- You have not had a recent bankruptcy dismissal within the past 180 days
- You must receive credit counseling
- Get legal counsel
If you are thinking about filing for Chapter 7 bankruptcy but not sure if you fit the criteria, do not hesitate to contact our San Fernando chapter 7 bankruptcy attorneys at the Tax Relief & Bankruptcy Group. We can help evaluate your debts and finances and help determine if you are eligible. Call us today.
Is All Debt Forgiven in Chapter 7 Bankruptcy?
Chapter 7 allows for a great deal of relief by settling many outstanding debts. Not all debts, however, can be discharged through Chapter 7 bankruptcy filings. Chapter 7 does not forgive:
- Child support
- Government fines
- Student loans
There are more debts that could be considered ineligible for discharge. Essentially, Chapter 7 will only discharge consumer debt, such as credit card or medical debt.
What Is Exempt from Liquidation in California?
California offers two exemption plans for residents to choose the allowances that best serve their needs.
California Bankruptcy Exemption System 1
California’s first exemption proposal allows residents to save the following from liquidation in bankruptcy:
- Homestead value of $75,000 for single and able-body adults, $100,000 for you and another family member, or $175,000 for disabled persons, those 65 and older, or 55 and older singles earning an annual salary less than $25,000 or 55 and older couples earning an annual salary less than $35,000
- Vehicle equity up to $3,325
- Home improvement materials up to $3,500
- Jewelry and valuables up to $8,725
- Up to $3,500 of Social Security bank deposits for singles, or $5,250 for couples
- Unlimited Social Security payments if it exists in its own separate account
- Up to $1,750 of other public benefits, or $2,600 for joint payee couples
- 75% of paid wages in the 30 days preceding filing
- Job-related expenses up to $8,725 for singles, or $17,450 for a couple in the same job
- Other pensions and benefits
These are among the most significant exemptions our clients consider when deciding on which exemption to follow. Our attorney can help you understand additional aspects of the plan that could benefit you.
California Bankruptcy Exemption System 2
Under California’s second bankruptcy exemption system, residents may protect the following from liquidation:
- Homestead value of $29,275, or a burial plot up to this value instead
- Vehicle equity up to $5,850
- Household items up to $725 per item
- Jewelry up to $1,750
- Personal injury payment up to $29,275
- Job-related tools of trade up to $8,725
- Wildcard for applying extra coverage to listed exemptions or covering unlisted items, $1,550 plus unused homestead or burial allowances
- Other pensions, insurances, and benefits
Again, further exemptions exist to cater to specific cases and scenarios. For more information, call the Tax Relief & Bankruptcy Group. Our Ch. 7 bankruptcy lawyer offers the personalized assistance necessary to help you understand how to approach a Chapter 7 filing to preserve your most valuable assets while expunging your debt.
Call the Tax Relief & Bankruptcy Group for help navigating Chapter 7: (818) 960-6088.
You're Protected by Attorney/Client Privileges & Confidentiality
Appointments Available After Hours & Weekends
Payment Plans Available for Select Services
Free 15-Minute Consultation
Services Available in Spanish & Farsi
Tax and financial hardship can cause you to lose visibility of what's most important and effect you and your family. Contact us today to work with compassionate and experienced attorneys who will navigate you to a save destination.