Sherman Oaks Chapter 7 Bankruptcy Lawyers
Recovering from serious debt can be an impossible task. Regardless of how you found yourself in this situation, know that you have options, and that you are not alone in this. Chapter 7 bankruptcy offers debtors a fresh start, whether they were seriously injured through no fault of their own and went into serious medical debt, are unable to pay off credit cards due to identity theft, or lost their job and have not been able to get back on solid ground. No matter the reason, the Sherman Oaks Chapter 7 bankruptcy lawyers at Wadhwani & Shanfeld are here to help.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, which is referred to as “fresh start”, “second chance”, and “wipe out” bankruptcy because it allows the debtor a clean slate relatively quickly. Unlike Chapter 13, which includes a repayment plan, Chapter 7 bankruptcy involves gathering all nonexempt assets owned by the debtor and using the proceeds of those assets to pay creditors. Chapter 7 bankruptcy can help you discharge your unsecured debts, such as credit card debt, medical debt, and other unsecured personal loans. It cannot be used to discharge student loans, alimony, car loans, or a mortgage. Additionally, the certain assets of the debtor may be placed under a lien as collateral for creditors. However, debtors are usually allowed to keep their home, car, and personal possessions.
Chapter 7 is Not for Everyone
Not everyone can file for Chapter 7. If you have a very high monthly income, have filed Chapter 7 sometime in the past eight years, filed Chapter 13 in the past six years, or if attempted to file Chapter 7 or 13 in the past but the court dismissed it, you may not be currently eligible. Furthermore, Chapter 7 cannot be used to discharge the following types of debt:
- Student loans
- Mortgages
- Car loans
- Child support payments
- Alimony
- Tax debt
- Personal injury debt
- Secured debt
Why Should I Hire an Attorney?
Self filers of Chapter 7 have a roughly 50-50 chance of success. These are not the types of odds that most people want to take when they are trying to put the right foot forward to create a clean slate for their future. Filing for Chapter 7 bankruptcy is not only a complex process in which a lot can go wrong, but it may or may not be wise for you to go this route. It is always prudent to have an attorney review your case and financial situation before filing for any type of bankruptcy, as bankruptcy will have a lasting imprint on your credit.
Call a Sherman Oaks Chapter 7 Bankruptcy Lawyer Today
The Sherman Oaks Chapter 7 bankruptcy lawyers at Wadhwani & Shanfeld are here to discuss your situation and take the time to investigate all of your potential options. Filing for chapter 7 may be in your best interest, particularly if your primary goal is to get a fresh start as soon as possible and avoid future payments to creditors. Call us today at 899-996-9932 for a free consultation.
