Basics of Chapter 7 Bankruptcy
Am I qualify?
Filing for bankruptcy is a right provided by Congress to individuals and couples overwhelmed by debt (i.e., insolvent) to allow them a fresh financial start. If you meet the necessary qualifications and follow the legal procedures, you have the right to discharge eligible debts. I can guide you through this process, but first, we need to determine if you qualify.
Congress has set eligibility criteria based on income and family size to determine qualification for Chapter 7 bankruptcy. If your income falls below the threshold for your family size, you are generally presumed to qualify for Chapter 7 relief.
If your income is slightly above the threshold, you may still qualify based on your unique circumstances. This is evaluated using the “Means Test,” and I can assist you in determining if you meet these criteria. If you do, filing under Chapter 7 could still be an option.
If you don't qualify for Chapter 7, you may still be eligible to file for personal bankruptcy under Chapter 13 (or Chapter 11 for businesses). At present, I only handle Chapter 7 personal bankruptcy cases. If you require assistance with Chapter 13 or Chapter 11, please consult another attorney specializing in those areas.
What Does "NO ASSETS" Mean?
A "no assets" case occurs when the debtor has no assets that exceed the value of the exemptions they have claimed, leaving nothing for the Bankruptcy Trustee to seize and sell to pay creditors.
In reality, the majority of people who file for Chapter 7 bankruptcy get to keep all of their possessions. In fact, around 99% of Chapter 7 filers do not lose any assets during the bankruptcy process.
GOOD NEWS - EXEMPTIONS!
You will be able to keep all your belongings that are covered by the legal exemptions under California and Federal law. These exemptions are quite generous, but it's essential to select the right ones for your unique circumstances. I will guide you in making the best legal decisions to safeguard your exempt assets.
Please note that certain types of debts cannot be discharged in bankruptcy, including most student loans, various tax obligations, and specific types of damage awards. If necessary, I will help you navigate these exceptions.
The Bad News - Credit Impact
Filing a Chapter 7 Bankruptcy Petition will have an immediate impact on your credit, potentially lowering your FICO score by 100 to over 200 points. This filing will remain on your credit report for up to 10 years.
However, there are effective strategies to rebuild your credit after bankruptcy, and it is possible to attain a good credit score again. I have personally gone through this process. While it takes time, effort, and careful planning, a Fresh Start can lead to a brighter financial future.
What Do I Need to Do?
First, keep making payments on any secured debts you intend to keep, such as your car loan or mortgage (if applicable), as these debts might be reaffirmed, and staying current on them is essential. Similarly, try to maintain a stable living situation and keep up with rent payments, if possible.
Next, give me a call!
After our initial phone consultation, I will send you my Flat Fee Agreement. Once you return the signed agreement and arrange the fee payment, I will provide you with a detailed questionnaire to help prepare your Bankruptcy Petition. This will be the start of the necessary paperwork.
You will also need to provide:
Two years' prior Federal income tax returns
Certificate of completion of an approved pre-filing credit counseling course (free course listed here)
Photocopy of your ID
Last 7 months of pay stubs (if applicable)
Proof of additional income from sources such as social security, disability, unemployment, etc.
Copies of any lawsuits
Copies of registrations for all vehicles registered in your name
Last 6 months of bank statements
Current credit report (within the last 30 days, available for free here)
Any and all other information about additional creditors
This process involves substantial paperwork and requires precision. I will ensure everything is handled correctly. Once I draft your Petition, we will review it together to ensure completeness and accuracy before filing. Approximately a week after filing, all your creditors will receive notice of your filing, and ALL COLLECTION ACTIVITIES WILL STOP!!
Fees
Affordable plans available
Why Hire Me?
If you choose to work with me, I will match your pace to ensure your case is filed promptly and collectors are halted. If you qualify, provide all necessary documents, and attend your "Meeting of Creditors" to testify honestly, your chances of receiving a full discharge are very high.
I am committed to returning calls and working with clients during weekends and evenings if needed.
Additionally, you benefit from the convenience of handling your entire case from home. As a virtual law firm, all my business is conducted via phone and the Internet. The Central District of California Bankruptcy Court holds all Meetings of Creditors via video or telephone conference, so you can manage your case from anywhere.
With over 10 years of experience as an attorney, I have dedicated my career to helping individuals navigate the complexities of bankruptcy law and achieve financial freedom. My knowledge in Chapter 7 bankruptcy allows me to provide tailored, compassionate legal guidance to clients facing overwhelming debt. I understand that each client's situation is unique, which is why I take the time to listen to your concerns, answer your questions, and develop a personalized strategy that aligns with your specific needs and goals.
Throughout my career, I have successfully guided numerous clients through the bankruptcy process, ensuring that they fully understand their options and rights. My approach is centered on clear communication, professionalism, and a commitment to achieving the best possible outcome for each client. Whether you are dealing with credit card debt, medical bills, or other financial challenges, I am here to support you every step of the way, from our initial consultation to the final discharge of your debts.
Your financial well-being and peace of mind are my top priorities. Let my experience and dedication work for you as we navigate this process together, aiming for a fresh start and a brighter financial future.
Credit Counseling
Credit counseling is mandatory both before and after filing the bankruptcy Petition. Pre-filing debt counseling can be completed online for free using this list.
A post-filing debtor education course is also required before you can receive your debt discharge. I recommend completing this course immediately after filing the Petition to ensure it’s not overlooked. You can find free online debtor education courses for post-filing here.
Am I qualify?
Filing for bankruptcy is a right provided by Congress to individuals and couples overwhelmed by debt (i.e., insolvent) to allow them a fresh financial start. If you meet the necessary qualifications and follow the legal procedures, you have the right to discharge eligible debts. I can guide you through this process, but first, we need to determine if you qualify.
Congress has set eligibility criteria based on income and family size to determine qualification for Chapter 7 bankruptcy. If your income falls below the threshold for your family size, you are generally presumed to qualify for Chapter 7 relief.
If your income is slightly above the threshold, you may still qualify based on your unique circumstances. This is evaluated using the “Means Test,” and I can assist you in determining if you meet these criteria. If you do, filing under Chapter 7 could still be an option.
If you don't qualify for Chapter 7, you may still be eligible to file for personal bankruptcy under Chapter 13 (or Chapter 11 for businesses). At present, I only handle Chapter 7 personal bankruptcy cases. If you require assistance with Chapter 13 or Chapter 11, please consult another attorney specializing in those areas.
What Does "NO ASSETS" Mean?
A "no assets" case occurs when the debtor has no assets that exceed the value of the exemptions they have claimed, leaving nothing for the Bankruptcy Trustee to seize and sell to pay creditors.
In reality, the majority of people who file for Chapter 7 bankruptcy get to keep all of their possessions. In fact, around 99% of Chapter 7 filers do not lose any assets during the bankruptcy process.
GOOD NEWS - EXEMPTIONS!
You will be able to keep all your belongings that are covered by the legal exemptions under California and Federal law. These exemptions are quite generous, but it's essential to select the right ones for your unique circumstances. I will guide you in making the best legal decisions to safeguard your exempt assets.
Please note that certain types of debts cannot be discharged in bankruptcy, including most student loans, various tax obligations, and specific types of damage awards. If necessary, I will help you navigate these exceptions.
The Bad News - Credit Impact
Filing a Chapter 7 Bankruptcy Petition will have an immediate impact on your credit, potentially lowering your FICO score by 100 to over 200 points. This filing will remain on your credit report for up to 10 years.
However, there are effective strategies to rebuild your credit after bankruptcy, and it is possible to attain a good credit score again. I have personally gone through this process. While it takes time, effort, and careful planning, a Fresh Start can lead to a brighter financial future.
What Do I Need to Do?
First, keep making payments on any secured debts you intend to keep, such as your car loan or mortgage (if applicable), as these debts might be reaffirmed, and staying current on them is essential. Similarly, try to maintain a stable living situation and keep up with rent payments, if possible.
Next, give me a call!
After our initial phone consultation, I will send you my Flat Fee Agreement. Once you return the signed agreement and arrange the fee payment, I will provide you with a detailed questionnaire to help prepare your Bankruptcy Petition. This will be the start of the necessary paperwork.
You will also need to provide:
Two years' prior Federal income tax returns
Certificate of completion of an approved pre-filing credit counseling course (free course listed here)
Photocopy of your ID
Last 7 months of pay stubs (if applicable)
Proof of additional income from sources such as social security, disability, unemployment, etc.
Copies of any lawsuits
Copies of registrations for all vehicles registered in your name
Last 6 months of bank statements
Current credit report (within the last 30 days, available for free here)
Any and all other information about additional creditors
This process involves substantial paperwork and requires precision. I will ensure everything is handled correctly. Once I draft your Petition, we will review it together to ensure completeness and accuracy before filing. Approximately a week after filing, all your creditors will receive notice of your filing, and ALL COLLECTION ACTIVITIES WILL STOP!!
Fees
I charge a flat fee of $1,500.00 for straightforward "No Asset" Chapter 7 personal bankruptcy services, which covers planning, preparation, and filing the Petition up to the meeting of creditors. Please note that this fee does not include the court's filing fee of $338.
I am open to working with clients to arrange installment payments for my fee, but the total amount must be paid in full before I file the Petition. For more complex cases, we will agree on a flat fee based on the specific circumstances.
My standard hourly rate for legal work is $250 per hour.
Payments can be made via Venmo, Zelle, money order, or cashier's check.
Why Hire Me?
If you choose to work with me, I will match your pace to ensure your case is filed promptly and collectors are halted. If you qualify, provide all necessary documents, and attend your "Meeting of Creditors" to testify honestly, your chances of receiving a full discharge are very high.
I am committed to returning calls and working with clients during weekends and evenings if needed.
Additionally, you benefit from the convenience of handling your entire case from home. As a virtual law firm, all my business is conducted via phone and the Internet. The Central District of California Bankruptcy Court holds all Meetings of Creditors via video or telephone conference, so you can manage your case from anywhere.
With over 10 years of experience as an attorney, I have dedicated my career to helping individuals navigate the complexities of bankruptcy law and achieve financial freedom. My extensive knowledge and expertise in Chapter 7 bankruptcy allow me to provide tailored, compassionate legal guidance to clients facing overwhelming debt. I understand that each client's situation is unique, which is why I take the time to listen to your concerns, answer your questions, and develop a personalized strategy that aligns with your specific needs and goals.
Throughout my career, I have successfully guided numerous clients through the bankruptcy process, ensuring that they fully understand their options and rights. My approach is centered on clear communication, professionalism, and a commitment to achieving the best possible outcome for each client. Whether you are dealing with credit card debt, medical bills, or other financial challenges, I am here to support you every step of the way, from our initial consultation to the final discharge of your debts.
Your financial well-being and peace of mind are my top priorities. Let my experience and dedication work for you as we navigate this process together, aiming for a fresh start and a brighter financial future.
Credit Counseling
Credit counseling is mandatory both before and after filing the bankruptcy Petition. Pre-filing debt counseling can be completed online for free using this list.
A post-filing debtor education course is also required before you can receive your debt discharge. I recommend completing this course immediately after filing the Petition to ensure it’s not overlooked. You can find free online debtor education courses for post-filing here.
Bankruptcy Support with Compassion and Expertise.
As a dedicated Chapter 7 attorney, I provide compassionate legal guidance for individuals facing overwhelming debt. Chapter 7 bankruptcy offers a fresh start by discharging unsecured debts and allowing you to rebuild your financial life. I understand the stress and uncertainty that come with financial difficulties, and my goal is to help you navigate the bankruptcy process with clarity and confidence.
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