Santa Clarita Bankruptcy Lawyer
Bankruptcy is a financial lifeline for individuals and businesses struggling with overwhelming debt. In Santa Clarita, CA, filing for bankruptcy can help you regain control of your financial future. Whether you’re considering Chapter 7 or Chapter 13 bankruptcy or exploring debt settlement as an alternative, understanding your options is essential. Wadhwani & Shanfeld are experienced Santa Clarita bankruptcy lawyers dedicated to guiding you through the process and helping you achieve debt relief.
Common Types of Bankruptcy in Santa Clarita, CA
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” allows individuals to discharge most unsecured debts, such as credit card bills and medical expenses. This option is suitable for individuals with limited income and little to no assets. Non-exempt assets may be sold to repay creditors, but many people can keep essential property through exemptions.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often referred to as “reorganization bankruptcy.” It enables individuals with a steady income to create a repayment plan lasting three to five years. This option allows you to catch up on missed payments, such as a mortgage or car loan, while protecting your assets from liquidation.
Debt Settlement
Debt settlement is an alternative to bankruptcy that involves negotiating with creditors to reduce the amount you owe. This approach can help avoid the bankruptcy process while achieving partial debt forgiveness. However, debt settlement may impact your credit score and require lump-sum payments.
The Bankruptcy Process
The bankruptcy process in Santa Clarita typically includes the following steps:
- Initial Consultation
Meet with a bankruptcy attorney to evaluate your financial situation and determine the best course of action. - Gather Documentation
Collect financial documents such as income statements, bank records, and a list of debts and assets. - Credit Counseling
Complete mandatory credit counseling through an approved agency before filing. - Filing the Petition
File a bankruptcy petition with the court, which immediately halts collection efforts and creditor harassment. - Meeting of Creditors
Attend a meeting of creditors (341 meeting) where your trustee and creditors can ask questions about your finances. - Debt Discharge or Repayment Plan
Depending on your chosen bankruptcy chapter, your debts will either be discharged (Chapter 7) or repaid over time (Chapter 13).
Serving Throughout Santa Clarita
- Valencia
- Canyon Country
- Saugus
- Newhall
- Stevenson Ranch
- Westridge
- Tesoro Del Valle
- Sand Canyon
- Bridgeport
- Copper Hill
How Wadhwani & Shanfeld Can Help
At Wadhwani & Shanfeld, we understand the stress of financial difficulties. With over 65,000 satisfied clients and decades of combined experience, we offer compassionate and expert legal guidance tailored to your situation. Here’s how we can assist:
- Comprehensive Evaluation: We’ll review your finances and recommend the best strategy for debt relief.
- Expert Representation: From filing paperwork to attending hearings, we handle every step of your bankruptcy case.
- Debt Settlement Negotiation: If bankruptcy isn’t the right fit, we can negotiate with creditors on your behalf.
- Post-Bankruptcy Planning: We’ll help you rebuild your credit and navigate life after bankruptcy.
Regain financial freedom with the help of Wadhwani & Shanfeld. Contact us today for a consultation and take the first step toward a brighter financial future.
