Woodland Hills Bankruptcy Attorney

Helping You Understand Your Legal Options in Woodland Hills & Simi Valley

Are you struggling to pay debt and worried you are falling behind? Bankruptcy may be able to provide the powerful relief you need to get your life back on track. At the Law Offices Of Hagen & Hagen, our bankruptcy services in Woodland Hills include compassionate, approachable assistance with Chapter 7 and Chapter 13 filings. You will work directly with our attorney, Jeff Hagen, who will analyze your financial situation, discuss with you all of your available non-bankruptcy and bankruptcy options, e-mail you his comprehensive notes, including his recommendations and suggested strategy, his quote for his services, a list of the various documents he’ll need you to provide if a bankruptcy is to go forward, and a timeline of all of the steps involved in the bankruptcy process.

Jeff Hagen will personally work closely with you throughout your bankruptcy case. We will make every effort to help you wipe out most if not all of your debt, so do not wait to discuss your options. An early comprehensive understanding of your legal rights and options can make a significant difference in the outcome of your financial situation.

We are dedicated to demystifying the complexities of bankruptcy law so that you can make informed decisions. We emphasize the importance of being well-prepared and understanding the implications of each step. By choosing us, you will benefit from comprehensive advice tailored to your unique circumstances, ensuring you are fully aware of all possible solutions.

Understanding Bankruptcy Law in Simi Valley

Simi Valley residents, like many Californians, face unique financial challenges that can often lead them to consider bankruptcy. State-specific laws and the region's cost of living play significant roles in financial planning and decision-making. In California, certain assets are protected under state exemptions during bankruptcy, offering a safety net of which many are unaware of. These exemptions include substantial home equity, household goods, and even a vehicle, depending on its value. Understanding these details can be crucial when contemplating bankruptcy.

Additionally, the Central District of California, which includes Simi Valley, is known for having specific filing requirements and procedures that differ from other districts. These regional variations underline the need for local legal expertise that can navigate these waters efficiently. At the Law Offices Of Hagen & Hagen, we equip our clients with this essential knowledge, ensuring they are prepared for every step of their journey toward financial relief.

Schedule a free initial consultation by calling (818) 217-8781 or contacting us online. Our firm represents clients in Orange, San Bernardino, Riverside, Ventura, San Luis Obispo, and Los Angeles Counties.

FAQ: Bankruptcy Questions Answered by a Simi Valley Attorney

What Is the Difference Between Chapter 7 & Chapter 13 Bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of the debtor's not-fully-encumbered not-fully exempt assets to pay off creditors at least in part if not in full. It's typically suited for individuals who don't own valuable assets and don’t have monthly surplus income. In contrast, Chapter 13 bankruptcy is often referred to as a reorganization bankruptcy. This option allows debtors to keep their property and repay at least a portion of their debt over time, generally spanning three to five years. This chapter is usually preferable for individuals with a stable income, enabling them to catch up on mortgage payments or pay back taxes while continuing to own their assets. Understanding your eligibility and the implications of each type is crucial; our firm can guide you to the best choice.

How Long Does the Bankruptcy Process Take with a Woodland Hills Bankruptcy Attorney?

The bankruptcy process duration can vary significantly. For Chapter 7, the entire process typically takes three and a half months from filing to discharge and closing. In contrast, Chapter 13 involves a repayment plan of three years duration minimum, five years duration maximum. This extended period allows individuals to repay a portion of their debts in a structured manner. Regardless of the bankruptcy type, having organized financial documentation and a clear grasp of your financial situation can streamline the process. Working with the Law Offices Of Hagen & Hagen ensures that you face fewer obstacles and surprises throughout your bankruptcy journey.

Will Bankruptcy Affect My Credit Score?

Filing for bankruptcy will undoubtedly impact your credit score. However, damaging your credit score temporarily may be a small price to pay for being relieved of tens of thousands or hundreds of thousands of dollars of debt. A Chapter 7 bankruptcy remains on your credit report for ten years, while a Chapter 13 stays on your credit report for seven years. Rebuilding credit post-bankruptcy is not only possible but often faster than anticipated. By consistently meeting new credit obligations and maintaining good financial habits, many clients see improvements in their credit scores long before the bankruptcy drops off their credit report.

What Are the Costs Involved in Filing for Bankruptcy in Simi Valley?

The prices charged by the Law Offices Of Hagen & Hagen for Chapter 7 and Chapter 13 bankruptcy cases depend primarily on which chapter we’re selecting, as well as the complexity of the case. The price quoted will include the Court’s filing fee that the Law Offices Of Hagen & Hagen pays to file the case. At the Law Offices Of Hagen & Hagen, we pride ourselves on transparent and competitive pricing, ensuring you fully understand our fees up front with no hidden costs. By hiring the Law Offices Of Hagen & Hagen to represent you in your case, you will avoid costly errors in filing that often arise when navigating the process alone.

Do I Have to Attend Court When Filing Bankruptcy?

Being required to appear in court before your judge is extremely unlikely, but in both Chapter 7 and Chapter 13 cases, you will need to appear one time, by Zoom, at what’s called a ‘341(a) meeting of creditors’ approximately 30 days into the case. Our approach at the Law Offices Of Hagen & Hagen involves detailed preparation to help you confidently handle these proceedings. We provide detailed instructions and guidance on what questions to expect, how best to answer those questions, what documents we’ll need to produce, what happens after the meeting, and where you are in the process.