Woodland Hills Bankruptcy Lawyer
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If you are struggling with overwhelming debt, you may be considering filing for bankruptcy. While many people are afraid of the consequences of filing for bankruptcy, it is important to understand that there are several different types of bankruptcy. Some are more severe than others and some will have more severe consequences than others. It is important to understand what type of bankruptcy you would be filing for and how it will affect you and your future.
At Cal West Law, we can help you through the bankruptcy process. We can guide you through the different options and help you choose the one that is right for you. We can also help you understand what to expect and what options are available to you.
When you are ready to move forward with the bankruptcy process, you can turn to Cal West Law. We have been helping people with their bankruptcy cases in Woodland Hills and throughout California for over 30 years. Our experienced attorneys can help you understand your options and guide you through the process. We have helped countless people just like you. When you turn to us, you can have the peace of mind that you are working with the best.
How to Qualify for Bankruptcy
Before you can file for bankruptcy, you must first pass the means test. The means test is used to determine if you have the ability to repay your debt. If you don't pass the means test, you will not be able to file for bankruptcy.
The means test takes into account your income and expenses. If your income is below the median income for your household size, you automatically pass the means test. If your income is above the median, you will need to compare your income to the median income for your household size to see if you pass the means test.
If you pass the means test, you can file for Chapter 7 or Chapter 13 bankruptcy. If you do not pass the means test, you will be ineligible to file for Chapter 7 or Chapter 13 bankruptcy. Instead, you will need to file for Chapter 11 bankruptcy.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as liquidation, involves the sale of your assets to repay a portion of your debt. Certain assets are exempt from the sale, including your home, car, and personal items.
If you file for Chapter 7 bankruptcy, you will be required to attend a meeting with a bankruptcy trustee. The trustee will review your financial situation and determine if you have enough qualifying assets to proceed with the bankruptcy. If you do not, you may be able to file for Chapter 13 bankruptcy.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy involves a repayment plan that lasts between three and five years. You will be required to make monthly payments to a trustee, who will then distribute the payments to your creditors. Chapter 13 bankruptcy is ideal for people who have a steady income and who want to keep their property.
Benefits of Filing for Bankruptcy
Filing for bankruptcy can be a scary process. However, there are several benefits to filing for bankruptcy. One of the main benefits is that bankruptcy can help you eliminate your debt. If you are struggling with debt, bankruptcy can help you get a fresh start. Bankruptcy can also give you a chance to get a do-over, allowing you to begin again with a clean slate. Bankruptcy can also protect you from harassing phone calls and collection actions. Additionally, filing for bankruptcy can give you the opportunity to stop foreclosure and repossessions.
Bankruptcy can also give you the opportunity to:
- Stop foreclosure
- Stop repossessions
- Stop wage garnishments
- End constant phone calls from creditors
- Stop creditor harassment
- End lawsuits
- Eliminate credit card debt
- Eliminate medical debt
- Eliminate unsecured debt
- Get out of car loans
- End utility shut-offs
Cal West Law Can Help You Through the Bankruptcy Process
At Cal West Law, we can help you understand the bankruptcy process and guide you through it. We can help you determine the best course of action for your situation and help you choose the bankruptcy option that is right for you. We have helped countless people just like you and can help you move forward with a fresh start.
If you are interested in filing for bankruptcy, contact us today at (818) 446-1334 for a free consultation with our Woodland Hills bankruptcy lawyer. We can help you move forward with a fresh start.
We strive to make the bankruptcy process as smooth and simple for you as possible. Reach out to our firm today to schedule a free in-person or virtual consultation today.