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Westlake Village Chapter 7 Bankruptcy Attorney

Using Chapter 7 Bankruptcy to Regain Financial Stability

If you're in a precarious position financially, you may want to consider filing for bankruptcy. Chapter 7 bankruptcy is one of the most common types of bankruptcy you can file for, allowing you to wipe out most of your unsecured debts.

For more than 35 years, I've been helping California residents file for Chapter 7 bankruptcy. As a Westlake Village Chapter 7 bankruptcy lawyer, I understand the bankruptcy process and can help you navigate your case.

To receive a free consultation from my firm, contact me online or give me a call at (805) 633-4999.

What Is Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, the Office of the United States Trustee appoints a bankruptcy trustee to oversee your case. The trustee acts as an independent contractor appointed by the bankruptcy court to help you and your creditors reach an agreement and navigate the process.

The premise of Chapter 7 bankruptcy is relatively simple: The trustee works to cancel all your unsecured debts, typically by liquidating your nonexempt assets to repay your debts.

To file for Chapter 7 bankruptcy, you must first pass an eligibility test. Only individuals who make less than their state's median income (roughly $3,983 gross in California) on a monthly basis and submit to a means test can qualify for Chapter 7 bankruptcy.

If you do not meet the requirements to file for a Chapter 7 bankruptcy (typically, this occurs if your income is too high), you may have to file for a Chapter 13 bankruptcy instead.

How Does Chapter 7 Bankruptcy Work?

To file for Chapter 7 bankruptcy successfully, you must petition your local bankruptcy court for a Chapter 7 bankruptcy. An attorney can help you petition for bankruptcy correctly and understand which chapter of bankruptcy suits your specific circumstances. Some items on the petition forms include:

  • Your income, assets (like property), and monthly expenses, including assets you owned and sold or income you spent in the previous two years;
  • your liabilities (a list of your debts);
  • property you claim is exempt from the bankruptcy process. During Chapter 7 bankruptcy, the trustee may negotiate with creditors to liquidate your assets to pay off your debts. However, certain property and assets (such as essential assets such as your home, basic furnishings, your primary vehicle, etc.) are typically exempt from this process.

While the bankruptcy process takes place, you receive an automatic stay, and creditors can no longer pursue your liabilities (debts). During the bankruptcy process, you essentially place your nonexempt assets in the hands of the bankruptcy court. The court may liquidate as many assets as it needs to for your creditors to wipe your unsecured debts clean.

It's important to note that after Chapter 7 bankruptcy, you still need to pay off any secured debts. Secured debts include items such as child support payments. The trustee negotiates with creditors to implement a repayment plan deemed feasible for your current circumstances.

The repayment plan, as well as the sale of any assets, is determined during the creditors meeting. At the creditors meeting, the bankruptcy trustee discusses repayment options with you and any creditors who decide to attend the meeting. This is the only time during the Chapter 7 bankruptcy process that you will visit the courthouse.

It's important to note that in many Chapter 7 bankruptcies, nonexempt property isn't claimed for liquidation by creditors. Since many of the assets that individuals filing for Chapter 7 bankruptcy own are often worthless for repaying debt, many creditors choose to forgive unsecured debts instead and allow the individual filing for bankruptcy to retain their property.

Filing for Chapter 7 bankruptcy can allow you to get a leg up on your debts and regain financial control of your life. With a seasoned Westlake Village Chapter 7 bankruptcy attorney at your side, you can take the necessary steps towards financial stability with Chapter 7 bankruptcy.

To learn more about how my firm can help you navigate your Chapter 7 bankruptcy, contact me online or via phone at (805) 633-4999 for a free consultation.

Hear it From Our
Happy Clients

  • I cannot give Jeffrey Graff enough accolades.

    “I knew Jeffrey personally as a proud family man and a pillar of the community with an stellar reputation as a family/divorce attorney. When my daughter was going through her divorce and had several bad experiences with two attorneys, in the Westlake Village area, I recommended Jeffery to her. After meeting with us to discuss the situation and issues, Jeffery and his staff went to work, we went to court, Jeffery not only got the results my daughter had hoped for, but also managed to have the opposing party cover his fees, he is beyond knowledgeable, professional and fair, he's brilliant at what he does and worth every penny. I have since recommended Jeffrey to all my friends and acquaintances who need legal help and will continue to do so. I cannot give Jeffrey Graff enough accolades and thanks for his help and exceptional negotiating skill in settling the case, thank you, again.”

    Dianne R.

  • I have faith in Jeffery Graff.

    “I am a battered woman. Jeffrey saw this when I walked in a year ago to hire him to get a divorce. I was not ready. I thought I could save my 27yr marriage. He knew I would be back when I was ready. He never pushed me to follow through, he waited for me to make to be ready for the long haul. I finally did it! I got tired of being abused in so many ways. Jeffery is a very patient man. I know he will take care of me!!!!! So far so good. I know he is going to keep me in my house for now or ever. He was honest and said we may have to sell but I know the job will get done in my best interest!”

    Former Client

  • He understands family dynamics because he has experience working with many different types!

    “Jeff is very kind and always takes time to listen to my issues and questions. He is very professional. Jeff is always prepared for court and his experience is obvious when you see that all the judges know him and regard him with great esteem. Jeff understands family dynamics because he has experience working with many different types of issues which characterized my case. If you would like to be able to trust that your lawyer is going to resolve your issue to the best possible outcome while being professional and courteous, Jeff Graff is the attorney for you.”

    Paul

  • He worked efficiently to get the best and honest result for my family in child support matters.

    “I chose Mr. Graff to represent me in my divorce since he was also knowledgeable with bankruptcy law. He promptly returned phone calls, was quite helpful and consistent in advising me. He knew and understood my case and was very professional in representing me. Furthermore, I knew he was well respected in the courtroom and by other attorneys. He worked efficiently to get the best and honest result for my family in child support matters. I would absolutely hire him again and definitely recommend him to anyone in need of family law representation.”

    Kathy

  • Mr. Graff, thank you so very much for all you have done for me and my family.

    “I am writing this to let you know how much I appreciate all your past services in completing my divorce and inter-spousal transfer deed! I want to express my sincere appreciation and gratitude for your expertise, patience, and professionalism during a very difficult time in my life.Thanks to you taking good care of my case, I refinanced my home in March of this year, and finally have the new deed in my name! This blessing is because you agreed to take my case and you and your staff completed the transaction through the end ... thank you! Mr. Graff, thank you so very much for all you have done for me and my family I am very appreciative and wanted you to know.”

    Former Client