Chapter 7 Bankruptcy

Chapter 7 is the most common form of personal bankruptcy because it takes only about four months to discharge your debts and gets you the fresh start you deserve.

The most common discharged debts include:

  •     Credit cards
  •     Medical bills
  •     Payday loans
  •     Past due federal income taxes
  •     Judgments filed against you in a court of law
  •     Old utility, cable, and cell phone bills
  •     Balances remaining after broken leases, foreclosures, and repossessions

The powerful “automatic stay” takes effect as soon as a bankruptcy is filed. It stops creditors from calling or sending you demand letters, stops any pending lawsuits against you, prevents enforcement of pre-existing judgments, and cuts off garnishments of bank accounts and paychecks.

You can also take advantage of the fresh start of a Chapter 7 bankruptcy to legally terminate contracts, such as mortgages, car loans, leases, and rent-to-own agreements. This can prove helpful if the item you financed is now worth less than the balance remaining on the contract. You will not have to repay the remaining balance but will most likely have to surrender the collateral.

By taking advantage of the generous federal and state bankruptcy exemptions better than 95% of our clients don’t lose any of their property to the Trustee. You can keep your house and car as long as you continue to make the payments on time.

The general rule is that only debtors whose gross income is below the median income level per household size qualify to file for Chapter 7 bankruptcy, though there are a couple of important exceptions. Determining whether you qualify to file for Chapter 7 bankruptcy is a complicated calculation that usually requires the expertise of a knowledgeable bankruptcy attorney.

You should consider Chapter 7 Bankruptcy if

Chapter 7 Bankruptcy … 1) you are saddled with debts that would take you more than 5 years to pay off; 2) you are quickly draining your retirement or savings accounts just to stay afloat; 3) you are obligated under a long-term, money-losing contract; or 4) you personally guaranteed business loans that you can no longer afford to repay.

The benefits of Chapter 7 Bankruptcy are…

…you can eliminate most unsecured debts within 4 months of filing, legally terminate unfavorable contracts and stop creditors from harassing you – all without having to report forgiven debt as income on your tax return. Most people do not lose any property they want to keep.

The consequences of Chapter 7 Bankruptcy are…

…that initially it will have a negative impact on your credit score. The bankruptcy trustee can seize any valuable assets that are not exempt. If you are behind on payments for any secured debt like your mortgage or car loan the lender can get the court’s permission to seize the collateral.

The cost of a Chapter 7 Bankruptcy with our law firm will be a flat fee based on the complexity of your case and on your location. We strive to keep the attorney fees for our clients’ Chapter 7 bankruptcy cases as low as possible. After we learn the specifics of your situation, we’ll then be able to determine our required fees to file and complete your Chapter 7 bankruptcy. All costs will be spelled out for you during your free initial consultation before you commit to anything. The court charges a $338 filing fee in addition to attorney fees. However, you may qualify for a fee waiver from the court which may save you from having to pay any filing fees at all.

How Do I File Chapter 7 Bankruptcy?  

Filing for Chapter 7 bankruptcy in California starts with a good bankruptcy attorney. Our law firm will be completing all of the many forms required to complete your bankruptcy. You will need to have credit counseling. Then we can move forward with filing your Petition with the court. You may qualify for a fee waiver from the court. Otherwise, you will be charged $338 by the court and you will have to provide all pertinent information regarding income, assets, debts, and expenses. You will also be required to provide all information about holdings including savings accounts and more.

What Protection Am I Afforded?

The great thing about Chapter 7 in California is that you will be protected from your creditors the moment we file. This means that they will not be able to pursue collecting debt from you. Garnishments will stop. This is called an automatic stay. Any liens, garnishments, or phone calls will be halted during the proceedings.

What Happens After Filing Bankruptcy?

When you file for Chapter 7 in California, there will be appointed a Bankruptcy Trustee appointed to your case. They will review all filings to make sure you are filing the proper documents. They will also determine if it is feasible to sell off any of your property to settle debts. You will also be responsible to go to a creditor’s meeting. This is where you will meet with the Trustee and any creditors. Any non-exempt property will be revealed and you will be expected to either forfeit the property or produce the money it is worth. 

What Debts Will Be Discharged?  

Under the rules of Chapter 7 bankruptcy in California, you will be allowed to discharge any unsecured debt and some secured debts which are considered to be exempt. The discharge will happen a few months after the meeting of the creditors. Loans like car loans and home loans typically remain after the discharge.
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    From our clients

    “When my father needed help to file bankruptcy, I looked everywhere for a place that will help him he was on a fixed income and most places need all money up front. No worries bankruptcy helped him by setting up a payment plan there was always someone to help him when we didn’t under stand paper work. It’s a great company that understands not everyone can afford high priced bankruptcy lawyers. Thanks again Mr. Feldman.”


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    “I recently had the good fortune to contact and engage with attorney Dean Feldman regarding a personal legal situation. I know Mr. Feldman has a demanding schedule in his law practice, but he made himself available when I needed him. He took ample time to help me with complicated legal problems. The problems were solved in my favor thanks to his counsel. I am grateful to have found him and it is without reservation that I positively recommend his law office to anyone who needs prompt, efficient, and emphatic legal work.”


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    “This was a difficult time for me, and to go through this process, I was incredibly nervous and stressed.  Dean & his team were beyond professional & helpful.  Thanks to their intensive efforts, I was able to pass through this experience feeling like I was completely taken care of, with little or no hassle.  When having to make this decision, there’s no question – it’s scary, and overwhelming.  Yet, they took care of everything in such an efficient way, it made the task seem much less daunting.  While I regret having to gain their services, once I did, it truly helped me gather the strength to go through with it.  As such, the decision really benefited me, and I feel very grateful to this company for seeing me through, and at an affordable rate, as well.”


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    “This company is great, Dean really took care of me service was very prompt there was constant communication between him and I, every question I had there was always an clear answer that I understood none of that fancy jargon. Money was well spent to get me out of the vicious credit debit cycle, I highly recommend these guys 100%”


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    “This was a difficult time for me, and to go through this process, I was incredibly nervous and stressed. Dean & his team were beyond professional & helpful. Thanks to their intensive efforts, I was able to pass through this experience feeling like I was completely taken care of, with little or no hassle. When having to make this decision, there’s no question – it’s scary, and overwhelming. Yet, they took care of everything in such an efficient way, it made the task seem much less daunting. While I regret having to gain their services, once I did, it truly helped me gather the strength to go through with it. As such, the decision really benefited me, and I feel very grateful to this company for seeing me through, and at an affordable rate, as well.”


    “Dean was our attorney. He reviewed our case and helped us realize that bankruptcy was not our best option. As disappointing as that news was, it was more than greatly appreciated. They could have easily taken our money without having our best interests in mind but no. Dean went above and beyond offering all the advice I could ask for. For that I am extremely grateful. This is a law firm that is honest and trustworthy. If you do decide to file for bankruptcy I hope this review helps.”


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