Attorneys for Californians Seeking Dissolution of their Debts
If you are struggling to pay your debts, filing for bankruptcy could help free you from some or all of your debt. At SM Law Group, we have helped many clients who are experiencing financial hardship. Chapter 7 bankruptcy is often a viable alternative, because it allows the debtor to wipe out their debts. This type of bankruptcy is often also referred to as liquidation bankruptcy as opposed to a restructuring consumer bankruptcy, such as in Chapter 13. Here at SM Law Group, we have experienced San Fernando Valley Chapter 7 lawyers at the ready to talk to you about your case. We will review your financial information and help you decide if bankruptcy is the right choice for you and your family.
How a Chapter 7 Lawyer Will Prepare Your Case
The first step an experienced California Chapter 7 Bankruptcy lawyer will take when you are their client will be to review whether or not you qualify to file for this type of bankruptcy. In the area where you live, you will need to meet a means test, which means that your available income will have to fall in a certain range in order for you to qualify for bankruptcy protections. After it is determined that you qualify for Chapter 7, your attorney will then file the necessary paperwork, and help you fill out forms so that you can try to retain as many possessions as possible through exemptions.
Keeping Some of Your Property Through Chapter 7 Exemptions
When you file for bankruptcy, you have to declare to the bankruptcy court what assets and possessions you have so that they can make an assessment of your financial situation. You are only allowed to retain certain assets and certain possessions through what is called exemptions. Any non-exempt property or assets will be liquidated to pay your creditors. Exemptions are a large part of what bankruptcy law is all about. The quality of your San Fernando Valley bankruptcy attorney will determine how well they know the laws about exemptions. An experienced lawyer will help you sit down and review your options so that you can make an educated decision about what exemptions you will choose to take.
Call a San Fernando Valley Bankruptcy Law Firm Today
If you are struggling to pay your debts, call us at SM Law Group to talk to us about your options under California bankruptcy law. Our attorneys have helped many San Fernando Valley residents rebuild their lives and shore up their financial future by helping them get out of debt. The Chapter 7 process may seem daunting at first, but with a knowledgeable attorney to guide you through the process, you will be on your way to a new financial start in no time. If you have questions about whether you qualify for Chapter 7 and whether it would be beneficial to you, call our office today. Our California bankruptcy attorneys are on-hand to explain how a Chapter 7 filing can help.