Encino, CA Chapter 7 Bankruptcy

Those who are having trouble financially can find relief with help from an Encino, CA Chapter 7 bankruptcy lawyer. We understand that especially in recent times, financial stability has been more difficult than ever before. If you are overwhelmed by credit card debt, are dealing with wage garnishment, or facing an eviction, it may help to file for bankruptcy. There are six bankruptcy chapters to choose from, but in this article we will be discussing Chapter 7 specifically. If you have any other questions about filing for bankruptcy and want to know whether you are eligible to use this resource, contact Resolve Law Group today.

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Chapter 7 Bankruptcy Process

One of the bankruptcy benefits that people enjoy the most is receiving an automatic stay that protects them from collection attempts by debt collectors. By law, when an automatic stay is enforced, creditors are no longer permitted to contact the debtor for payments. Wage garnishments also halt as your case is processed by the courts. The process is efficient compared to other types of bankruptcy, and may take only a few months to complete. To file for Chapter 7 bankruptcy, there is typically no minimum amount of debt, and the fees related to this filing tend to be relatively low. As your bankruptcy case is pending, you are basically giving control of your debts and property to the bankruptcy court. If you have more questions about a bankruptcy filing, contact our legal team.

Secured And Unsecured Debts

As your Encino Chapter 7 bankruptcy lawyer can discuss with you, there is a difference between secured and unsecured debts. Some people hope that all of their debts will be eliminated after filing for bankruptcy, but this will depend on your individual case and which type of bankruptcy you use. Unsecured debts are items that are not supported by collateral, such as medical bills, credit card bills, overdraft fees, and personal loans. Secured debts are items like your home mortgages and car loans. By filing under Chapter 7, you have the option to keep some of the secured debts, if you wish to maintain making regular payments or keep the collateral. If you are unsure which of your debts will be discharged, and which won’t, please contact our office for a more in-depth consultation.

Start On A New Financial Path

Many people have misconceptions about bankruptcy and what it offers. Which is unfortunate, as this probably hinders people from seeking the help they need to make a difference in their lives. Ultimately, filing for bankruptcy can start you on a new financial path by eliminating at least some of your debts and making payments more manageable. You will also get to experience the feeling of not having creditors pestering you constantly for payments you wish you could fulfill. If your debts vastly outweigh your earnings and you don’t see a change happening anytime soon, then we suggest contacting an Encino Chapter 7 bankruptcy lawyer today. The team at Resolve Law Group is ready to help, all you have to do is reach out.

Navigating Chapter 7 Bankruptcy

An Encino Chapter 7 bankruptcy lawyer plays a big role in helping individuals and businesses navigate the complex terrain of bankruptcy law. This legal process, often referred to as "liquidation bankruptcy," allows debtors to discharge their debts by selling non-exempt assets and distributing the proceeds to creditors. It can provide a fresh start for those overwhelmed by financial obligations but demands a thorough understanding of the legal framework and procedures involved. This is where Chapter 7 bankruptcy lawyers from Resolve Law Group step in, offering their expertise to guide clients through the process.

Assessing Financial Situation

One of the main responsibilities of a Chapter 7 bankruptcy lawyer is to assess the financial situation of their clients. This involves scrutinizing the individual's or company's financial records, including income, expenses, assets, and liabilities. By conducting a comprehensive financial analysis, the lawyer can determine whether Chapter 7 bankruptcy is a viable option or if alternative debt relief strategies, such as Chapter 13 bankruptcy or debt consolidation, would be more suitable.

Preparing And Filing Documents

After it is established that Chapter 7 bankruptcy is the appropriate course of action, the lawyer assists the client in preparing and filing the necessary documents with the bankruptcy court. These documents typically include a petition, schedules of assets and liabilities, a statement of financial affairs, and a list of creditors. Accuracy and completeness in these filings are crucial, as any errors or omissions can result in delays or complications in the bankruptcy process.

Protecting Client Rights

An Encino Chapter 7 bankruptcy lawyer also plays a big role in protecting their clients' rights during the bankruptcy proceedings. They work to ensure that the debtor's interests are safeguarded, while also adhering to the legal requirements of the bankruptcy code. This includes representing the debtor in meetings with creditors and the bankruptcy trustee, where questions about the debtor's financial situation and assets may arise.

Advocacy For Creditors

Besides representing debtors, Chapter 7 bankruptcy lawyers may also represent creditors in some cases. In such instances, their role is to advocate for the creditor's interests and ensure that the debtor complies with their obligations under the bankruptcy code.

Informed Decision-Making

Throughout the bankruptcy process, Chapter 7 bankruptcy lawyers assist their clients understand the implications of various decisions and guide them in making informed choices. For example, they may advise clients on exempt property, which includes assets that are protected from liquidation, such as a primary residence, a vehicle, or necessary household items. Understanding which assets are exempt and which are not is crucial for debtors seeking to retain essential possessions.

Repayment Plan Considerations

Another essential aspect of a Chapter 7 bankruptcy lawyer's role is to assist clients in creating a repayment plan, if applicable. While Chapter 7 bankruptcy primarily involves liquidation, some debtors may be required to make payments to creditors under specific circumstances.

Trusted Guides In Liquidation Bankruptcy

An Encino Chapter 7 bankruptcy lawyer serves as a trusted guide through the complex process of liquidation bankruptcy. They evaluate their clients' financial situations, help them prepare and file necessary documents, protect their rights during proceedings, and provide valuable advice on exempt property and repayment plans.

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