How Chapter 7 Bankruptcy filing Can Help you
Let us understand all the aspect of Chapter 7 bankruptcy filing. It is also known as the liquidation bankruptcy, and the reason behind it is that it discharges most of the unsecured debt, which includes the medical bills, personal loans, and also the credit card debt. You will be astonished to know that it is one of the quickest, simplest and also the most common type of bankruptcy. And on a survey it was found that way back in the year 2016 almost sixty-three percent of the total 819 bankruptcy cases, were of chapter 7 only. The best part is that the chapter 7 bankruptcy in attorney Los Angeles has made most of the debts discharged. But before you plan to file a chapter 7, you should also check whether you are eligible for the same or not.
You must fall under the defined income limits, which may vary from state to state and you need to have a debt requirement. Other than this, you also need to pass a “means test� in order to qualify for chapter 7 filing. Usually, this test examines the financial records, the expenses, secured or unsecured debt, and also your total income. You will be shocked to know that most of the people trying to file chapter 7 bankruptcy do not have to require debt for bankruptcy. In this scenario, you need to approach a Chapter 7 bankruptcy attorney Los Angeles who will explain you the entire requirement more clearly. It has been noticed that the chapter 7 process does not take more than three to four months.
Requirements for filing chapter 7 bankruptcy You must be wondering whether you are meeting all the criteria to file for chapter 7 bankruptcy petition or not. In that aspect, you can either consult a Ventura bankruptcy law firm or simply go through the points mentioned below. • You entire debt total should be more than half of your entire income. • Moreover, your debt should also interfere with some other aspects of your life, for example, relationship or your ability to sleep. • Apart from this, you should have no disposable income. • The monthly incomes should also be below the median level of the present state, where you are living.
How to file the chapter 7 bankruptcy If you meet all the requirements of filing chapter 7 bankruptcies, then it would take almost four months to complete the process. This will also give you enough time to arrange money, and with the help of foreclosure lawyer in Los Angeles, you can instantly clear all your debt. While looking for the bankruptcy attorney in woodland hills CA, you need to ensure that they are experienced as well as reputable bankruptcy attorney otherwise hiring them will be a complete loss of money and time. As soon as you select a reliable attorney now, you can easily refer to the creditor to the lawyer’s office. You might not know that filing a chapter 7 petition will automatically trig er a stay, which means that a creditor cannot contact you related to their debts and can they pursue any lawsuits against you.
If you have very poor credit, then you can also opt for the debt settlement, where you need to pay a lump sum amount to the creditor. But this option is considerable for only those types of people who have very poor credit. It helps to reduce the debt that you pay and clear the due upfront. Â Â At Nathan A Berneman, APC we understand what our clients want from us and therefore we extensively extend our support, which is why we are the best law firm for bankruptcy attorney in Los Angeles. Get in touch with us now.
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