Chapter 7 Bankruptcy Attorney In Woodland Hills & Simi Valley
Chapter 7 Bankruptcy Representation In The Central District Of California
Living with debt can be exhausting, and it might not seem like you have any options. No matter how low you may feel, know that debt does not have to determine your future. Relief is available, and The Law Offices Of Hagen & Hagen are here to help.
If you have reached the point where you have an excessive amount of debt, whether you’re still current on your payments or behind on your payments and dodging calls from creditors, it’s time to explore your options and consider bankruptcy. Our Woodland Hills Chapter 7 bankruptcy lawyer will provide the experienced, compassionate guidance you need to explore your options. When you hire our firm, you will work directly with our attorney, Jeff Hagen, throughout each and every stage of the filing process. He will walk you through how your case will work and what Chapter 7 will accomplish for you. You will likely be able to eliminate many types of unsecured debt and get the fresh start you deserve when you pursue this form of relief, so do not wait to discuss your options with us.
Understanding the complexities of Chapter 7 bankruptcy can seem daunting, but you are not alone. At The Law Offices Of Hagen & Hagen, we explain the process in a straightforward manner. During an initial consultation, we assess your financial situation comprehensively to determine whether Chapter 7 is the best course of action. Throughout this process, we keep you informed about each step, ensuring that you feel confident and informed about your financial future.
For those considering Chapter 7, it's pivotal to understand its benefits. Apart from discharging unsecured debts, it provides an automatic stay on most collection activities, giving you immediate relief. This includes stopping foreclosure actions and preventing aggressive tactics from debt collectors.
Contact us online or call (818) 217-8781 to schedule a free consultation with our Woodland Hills Chapter 7 bankruptcy lawyer.
Navigating Bankruptcy Laws In Simi Valley
Filing for Chapter 7 bankruptcy in Simi Valley involves understanding California's bankruptcy laws and how they apply to your specific situation. Simi Valley, as part of Ventura County, falls under the jurisdiction of the Central District Of California's Bankruptcy Court. Familiarity with local legal nuances is essential for ensuring a smooth bankruptcy process. Factors such as local economic conditions and the median income levels can impact eligibility and trustee evaluations. Our law firm is committed to helping Simi Valley residents navigate these complexities with confidence and clarity, offering tailored advice that considers both state and local regulations.
It's also important to acknowledge the emotional toll that financial stress can take, especially in tight-knit communities like Simi Valley. The decision to file for bankruptcy is significant and should be managed with care and professionalism, ensuring that your long-term financial health is a priority. We provide compassionate support, encouraging clients to look beyond immediate challenges and focus on the potential for a revitalized future post-bankruptcy.
For debtors without the means to pay what they owe, Chapter 7 bankruptcy is often the best way to quickly wipe out debt. Not everyone is a good candidate for Chapter 7 relief, however.
If you and, if applicable, your spouse, currently earn less than the median income of a family of your size in the county in which you live, Chapter 7 may be a good option for you. If you and, if applicable, your spouse, currently earn more than the median income, you may still be able to file Chapter 7 if your qualifying living expenses leave you with little to no disposable income. Our Woodland Hills Chapter 7 bankruptcy attorney will assess your eligibility and recommend whether Chapter 7 is the best strategy for you.
Understanding the eligibility requirements is crucial. Often, individuals mistakenly believe they do not qualify due to their income levels. However, the means test accounts for various expenses and deductions that may allow for eligibility even if your income seems high. We conduct a thorough evaluation, considering all possible deductions applicable to your case.
Upon filing for Chapter 7 bankruptcy, a stay automatically goes into effect, preventing all collection actions from being pursued against you. Collection lawsuits, creditor communications, foreclosures, repossessions, wage garnishments, and bank levies cannot proceed. Chapter 7 accordingly provides you with immediate relief.
One of the risks you take when filing Chapter 7 is that your assets are analyzed by a bankruptcy trustee whose job is to determine whether any of your assets ought to be liquidated in order to pay your creditors, whether in whole or in part. But not to worry; only in approximately 5% of the Chapter 7 cases filed does a bankruptcy trustee actually liquidate one or more assets. In the vast majority of cases, one’s assets are exempt pursuant to California law.
The Law Offices Of Hagen & Hagen will carefully review with you your assets to determine whether there is a genuine risk that one or more of your assets will be liquidated so that you can decide if you’re comfortable with that risk. We will carefully determine which set of California’s exemptions is best suited to provide you with maximum protection from liquidation of assets by your bankruptcy trustee.
The list of exemptible assets under California law is extensive, and knowing which exemptions protect your property can alleviate unnecessary stress. Our firm will guide you through this list, explaining how different exemptions apply to your situation and how strategic planning can protect what's important to you.
You’ll likely be able to exempt the following assets:
- Up to $722,502 of Home Equity or up to $38,700 of ‘Wildcard Exemptions’: that can protect anything you own
- Up to $8,625 of value in a Motor Vehicle
- Personal Property and Household Items
- Health Aids
- Jewelry
- Life Insurance Cash Equity
- Up to $10,950 of Tools you use in connection with your work
- Up to $2,000 (or the amount needed to support yourself) of Bank Deposits
- Retirement and Pension Accounts
- Public Benefits, including Unemployment Benefits, Social Security Income, and Workers’ Compensation Benefits
Do not believe rumors that claim you will lose the bulk of your property in a Chapter 7 bankruptcy. This simply is not true, as most Chapter 7 bankruptcy filers lose nothing at all.
If your case, like most Chapter 7 cases, does not result in the liquidation of any assets, it will likely take about three and a half months to wind your way through the entire bankruptcy process. If assets are in fact liquidated by the bankruptcy trustee, the case may take a year or longer to finalize, although nothing prevents you from moving on with your life, earning income, and transacting business while the case finalizes.
Economic Trends & Chapter 7 Bankruptcy In Simi Valley
Simi Valley's economy, characterized by a mix of residential suburbs and light industrial activity, influences financial health and, subsequently, bankruptcy trends. Economic fluctuations, such as changes in the housing market or employment rates, can directly affect the number of bankruptcy filings in the area. Understanding the economic context of Simi Valley helps in appreciating why specific financial relief options, like Chapter 7, become necessary for many residents. Our Chapter 7 bankruptcy lawyer in Simi Valley keeps abreast of local economic changes to provide relevant advice and support that aligns with current market conditions.
The cost of living in Simi Valley is relatively high compared to some neighboring areas, which can put additional pressure on household finances. This economic backdrop highlights the importance of legal guidance when considering bankruptcy. By assisting clients in navigating these financial challenges, we empower individuals and families to achieve stable financial futures, regardless of local economic conditions.
Our FAQ
How Can We Help You?
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Does my spouse have to file bankruptcy with me?
No. One spouse may file without the other. However, because California is a community property state, all marital community assets and all income earned by both spouses must be disclosed.
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Do you offer payment plans for your fees?
Yes and no. For Chapter 7 cases, you may pay in increments, but fees must be paid in full before we file your case with the Court. In most Chapter 13 cases, only a portion of the fee is due before filing; the remaining balance is paid through your Chapter 13 payment plan via the bankruptcy trustee.
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How much do you charge for a bankruptcy?
It depends on which chapter is most appropriate for your situation and on the complexity of your case. The simpler your case, the less I charge. At the end of your no-charge initial consultation, I’ll provide a firm written quote for my services.
