Cerritos Chapter 7 Bankruptcy Attorney
12+ Years of Experience and Over $30 Million Saved for Clients
If you are in the midst of growing debt, you may be eligible to obtain momentary relief by filing Chapter 7 bankruptcy. Anyama Law Firm is highly skilled in bankruptcy-related legal issues, and we can help you build a strong petition for Chapter 7. We are led by one of the most well-known bankruptcy attorneys in the Los Angeles area, and we have saved clients more than $30 million. Let a goal-oriented and value-driven law firm help you out of your debt.
Schedule a free initial consultation online to get started. Spanish services available.
Who Is Eligible for Chapter 7?
Any individual or business is eligible to file Chapter 7 if their current monthly income (average income over the last 6 months prior to filing) is less than or equal to the state median income for a family of their size.
Note that you cannot file Chapter 7 if you have already received a bankruptcy discharge in the last 6-8 years, depending on what type of bankruptcy you filed.
The Filing Process
The Chapter 7 process usually takes 4-6 months and involves filling out the appropriate paperwork, working with a court-appointed bankruptcy trustee, and a creditors meeting. An experienced lawyer can better help you navigate this complex process, from handling the paperwork to examining the trustee’s and creditors’ actions.
On your initial bankruptcy forms, you should expect to provide information about:
- your property;
- your current income and monthly living expenses;
- your debts;
- property you claim the law allows you to keep through the Chapter 7 bankruptcy process ("exempt property");
- property you owned and money you spent during the previous 2 years; and
- property you sold or gave away during the previous 2 years.
Filing for Chapter 7 will automatically put into effect an “automatic stay” that halts most creditors from trying to collect from you (e.g., via wage garnishment) while you work on a repayment solution.
Chapter 7 is often called “liquidation” bankruptcy, as it can involve liquidating certain property to help pay off your debts. However, in most cases, Chapter 7 property is either exempt or is essentially worthless for raising money for the creditors. It is certainly possible to lose nonexempt property, but the following are some examples of exempt property you are allowed to keep:
- some equity in your home;
- personal clothing;
- household furnishings;
- Social Security payments you haven’t spent;
- necessities like a car and the tools of your trade.
At the end of the Chapter 7 process, all your debts will be wiped out (discharged) by the court, except for debts that:
- automatically survive bankruptcy (e.g., child support, most tax debts, student loans);
- the court has declared non-dischargeable because the creditor objected (e.g., debts incurred by your fraud or malicious acts).
This is only a brief simplification of the Chapter 7 process, and it can become quite confusing to navigate, especially when you are unsure about what property may be liquidated and what debts can and cannot be discharged. Anyama Law Firm practices exclusively in bankruptcy law, and we firmly believe in your right to financial recovery. We can analyze your situation in more detail and determine whether Chapter 7 is the best option for you.
Contact Anyama Law Firm online for a free initial consultation to learn more about how we can help you get out of your debt.
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