San Fernando Bankruptcy Attorney Live Chat Software
San Fernando Bankruptcy Lawyer Make Payment Here Search
866-210-1722 BBB
Speak with an attorney now Success Stories News & Events
Tell us your story
What Debts Are You Struggling With?
(Check all that apply)
Job Loss
Please Estimate Your Total Unsecured Debt: (Do Not Include your Mortgage, Auto
Loans, or Student Loans)
Total Debt $:
(250 Max Characters)

How Did You Hear About
Price Law Group?
Call Today 866-210-1722 Google Plus Pinterest

What is Chapter 7?

Chapter 7 bankruptcy is the most widely used consumer protection law for resolution of heavy debt. Commonly known as "liquidation" or "straight bankruptcy," it certainly may be an applicable debt remedy for these challenging economic times. A Chapter 7 may stop repossession, wage garnishment and harassment or creditor abuse. The following are some of the main advantages that a Chapter 7 bankruptcy may provide a debtor in the San Fernando Valley:

  • Once you file, all debt collection activity against you ceases, including any pending lawsuits.
  • In a just a few month, 4 or less, you can have all of your unsecured debt cancelled.
  • You potentially could lose no property, while still having all eligible debts discharged.
  • You will be able to make a fresh start, free of all debt, once your case is completed.

Find out how an experienced legal professional can help you determine whether a Chapter 7 bankruptcy is right for you. Contact the firm for a free consultation.

How do I qualify?

To qualify for a Chapter 7, you must make less than the median income of those people living in your area. For instance, in 2009, the median household income for a San Fernando Valley household was just under $50,000. You still may be eligible for Chapter 7 protection even if your income is above the median. To make this determination, a "means test" is applied to your income. When it is found that your level of disposable income is low due to high expenses, such as a large mortgage payment, you will likely be eligible for Chapter 7 bankruptcy.

The Means Test

The means test was designed to limit the use of Chapter 7 bankruptcy to those who truly cannot pay their debts. It is accomplished by deducting specific monthly expenses from your current monthly to arrive at your "disposable income." The lower your disposable income, the more likely you will qualify for Chapter 7, and the higher your disposable income the less likely you will qualify for this type of debt relief remedy. Most consumers experiencing extreme debt who do not qualify for a Chapter 7 liquidation, nevertheless, will qualify for a Chapter 13. Filing either type acts, in most cases, as foreclosure prevention.

Debtor Courses
Credit Counseling & Debtor Education
Bankruptcy FAQ
Common Bankruptcy Myths
Chapter 13
Chapter 7
Creditor Abuse
Debt Settlement
Do I Qualify For Bankruptcy?
Estate Planning
Fair Debt Collection Practices Act
Foreclosure Defense
Foreclosure Prevention
How Can I Save My Home?
How Much Does Bankruptcy Cost?
Insurance Settlement
Short Sale Negotiation
Short Sales
Tax Resolution
Wage Garnishment
What Is FDCPA?
Areas We Serve

Attorney Web Design