Chapter 7 Bankruptcy Lawyer in Long Beach
Filing for Straight Bankruptcy? Call (562) 436-5456
Chapter 7 is the “liquidation” chapter of
bankruptcy—its name literally based on a book chapter. This 7th chapter of
the U.S. Bankruptcy Code is a federal remedy for people and companies
who cannot repay their debt. It is the quickest and simplest way to file
In about four months after filing for Chapter 7 bankruptcy, debtors can
get their discharge order, which means that they no longer have to pay
their debts and the case is closed. Most people will never have to sell
property in order to get their discharge order and to start on the road
to financial recovery. They can even start improving their credit score
- Why Choose Our Long Beach Bankruptcy Attorney?
- More than 25 Years’ Legal Experience
- Reasonable Rates & a Free Consultation
- Internet Appointments Offered for Your Convenience
- Attorney Lever Is Also a Financial Planner Who Helps You Plan Ahead
Call (562) 436-5456 or
request your free consultation online today to learn more!
About Chapter 7 Bankruptcy
The basic bargain of Chapter 7 Bankruptcy is that if you really are insolvent,
then you should be able to get rid of the debt you cannot afford to repay.
You demonstrate this inability to pay in the documents you file with the
court. This allows you and your creditors to go your own way without having
to pretend that the debt will be repaid. You are unburdened of having
to pay, and the creditors can concentrate their efforts on collecting
from those who can pay.
For example, insolvent people can often only afford to make the minimum
payment on their credit cards. That will never pay off the debt, and in
most cases the balances go up, even if you stop using your credit cards.
It is like running on a hamster wheel that is rolling backwards.
How Chapter 7 Bankruptcy Works
If you qualify for chapter 7 bankruptcy, and your attorney advises you
that it is the best chapter for you, then it works as follows:
- We accurately list everything you own (your assets) with your attorney’s
We completely list everything you owe (your
liabilities) using both public records and your own records.
protect your assets, your attorney helps you choose which
exemptions are right for you.
figure out your income
and expenses as defined in Chapter 7 for both the “means test” and your
We fill out a few more forms that
detail your financial affairs.
You will need to complete your
- LeverLaw helps you select a Target Filing Date (TFD)
If we’ve accomplished all details by the TFD, then we file all these documents with the U.S. Bankruptcy Court.
- Do Financial Management Course – a video course done via internet
Meeting of Creditors, also known as the 341A hearing. This is an administrative hearing. The
Trustee is not a judge. It is not a test. You just need to show up. You
are represented by an attorney there.
- You are then in the postpetition phase of the case. LeverLaw helps you
manage all aspects of that phase of the case as well. What happens there
is particular to your case and your goals.
- Obtain discharge order
- Case closes.
The 341A hearing is where the Chapter 7 Trustee examines you for basically
one reason only: To find out if there are any assets that are “non-exempt”
(unprotected) that can be sold to pay your creditors at least some of
the money they are owed. About 99% of cases are “no-asset”
cases, or “no-distribution” cases, and you usually only need
to go to one of these meetings. You wait around with other debtors waiting
to be examined for an hour or so, and then spend just a few minutes being
examined yourself. You will have an opportunity to watch other examinations
so you can see how it’s done prior to your examination.
Once the Trustee concludes the examination, then you just go home, or back
to work. You’ve finished the majority of the work in your project
to get debt free.
Depending on your circumstances, you may have some additional matters to
deal with after the hearing, such as dealing with secured collateral.
More likely, however, you will only have to wait. Then you
receive your Chapter 7 discharge order and your creditors are permanently kept from trying to collect the debts
they had against you. The case closes, and you live your life with a fresh
start from dischargeable debts.
See how our decades of bankruptcy experience can help you! Call LeverLaw
at (562) 436-5456 to
schedule your FREE consultation. Internet appointments are available.