Chang & Diamond, APC: San Diego Chapter 7 Bankruptcy Lawyers
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Experienced Chapter 7 Bankruptcy Attorney in San Diego
You work hard to raise your children and provide a stable home for them for yourself and your family. However, sometimes circumstances beyond your control threaten your security. Your financial losses can result from many causes—an unexpected illness or layoff has forced you to deplete your savings and rely on credit cards. Perhaps you just made too many extravagant purchases. Now, you find yourself hounded by creditors with threats of car repossession or even foreclosure on your house losses, garnishments, or levees on your personal property.
The fear can be debilitating when financial ruin stares you in the face with these threats to your financial security. But there is hope. If you live in Southern California and your financial situation has become serious, declaring Chapter 7 bankruptcy may be the answer for you. Contact Chang & Diamond, APC, in San Diego & Riverside County, California, for answers to your questions, pursuit of a brighter future, and an end to harassment. Tomorrow really can be a new day.
“Thank you for your support, understanding, and help through such a difficult time in our lives. We greatly appreciate everything that you were able to help us through.”—Stacy, San Diego
Chapter 7 Bankruptcy Lawyer in San Diego County
You work daily to care for yourself and your family and secure a better future. But due to circumstances beyond your control, such as an unexpected illness or layoff, you’ve had to rely on credit cards and take loans to survive.
Because you cannot repay your debts, you now find yourself hounded by creditors with threats of car repossession, home foreclosure, garnishments, or levees on your personal property.
If this scenario sounds familiar, you may wonder how to get yourself out of the situation. It’s okay to be scared and worried in such circumstances. But there is hope.
When you have an overwhelming debt that you do not have the means to repay, filing Chapter 7 bankruptcy can offer you some latitude. It would allow you to wipe the slate clean and get a shot at rebuilding your life and finances afresh.
The bankruptcy laws in the U.S. are constantly changing. You’ll need to fulfill different requirements to have your debts discharged by the bankruptcy court. These factors contribute to making the bankruptcy process complex and challenging to navigate.
Yet, you’re expected to understand how the process works, as any mistakes in your bankruptcy petition could adversely affect its outcome. To avoid jeopardizing your chances, consider seeking professional help and guidance from a skilled bankruptcy attorney who has successfully handled similar cases.
If you’re in San Diego or elsewhere in Southern California, you don’t need to look further for legal help. Our experienced bankruptcy attorneys at Chang & Diamond, APC, can represent you throughout the bankruptcy process.
We have represented clients in bankruptcy cases for over 25 years and have up-to-date knowledge of how the Chapter 7 bankruptcy process works. We are prepared to give your case the personal attention you deserve and work with you toward a positive, debt-free outcome.
Read further as we explain how bankruptcy under Chapter 7 works and share specific ways we could help you.
How Chapter 7 Bankruptcy Works
Chapter 7 bankruptcy refers to the bankruptcy or liquidation process prescribed by Chapter 7 of the bankruptcy code for individuals who cannot pay their debts. You can get debt relief through this process regardless of your debt.
The downside is that you may lose some of your assets. You are only allowed to retain a few assets depending on the applicable bankruptcy exemptions in your state. The bankruptcy trustee assigned to your case is required by bankruptcy law to collect and liquidate all other (non-exempt) assets and use the amount realized to pay off your debts.
California has two classes of bankruptcy exemptions, known as the 703 and 704 exemptions. These exemptions cover different kinds of real and personal property.
If you intend to file a Chapter 7 bankruptcy, an experienced bankruptcy attorney can help you determine which one applies in your bankruptcy case to mitigate your asset loss.
Stopping Creditor Harassment With Chapter 7 Bankruptcy – The “Automatic Stay” Advantage
Filing bankruptcy under Chapter 7 can also help you stop creditor harassment and threats of foreclosure. Generally, once you file your bankruptcy petition, all creditor actions to recover the debts must stop.
From that moment, every creditor becomes subject to bankruptcy proceedings and can only recover their debt through the process, except if the bankruptcy court permits otherwise.
Determining Your Eligibility
To qualify for this type of bankruptcy, you need to show that you do not have the means to repay your debts and that your current monthly income is below your state median income.
For instance, the U.S. Census Bureau estimates the median household income in California as $84,097 yearly. If your monthly income is less than the monthly equivalent of that figure, you may qualify for Chapter 7 bankruptcy.
You could still qualify for this kind of bankruptcy if you earn more than that. But you’ll need to take and pass a means test to show that your filing for Chapter 7 bankruptcy is not intended to abuse the process. The means test measures your current monthly income, monthly living expenses, and the amount you have left after your expenses (also called disposable income).
If your means test results show that you have very little disposable income each month and cannot repay your debts from there, then you’ll likely qualify for Chapter 7 bankruptcy.
If your disposable income is enough to sustain the repayment of your debts over time, you may not be eligible for Chapter 7 bankruptcy. In those circumstances, you could consider filing a Chapter 13 bankruptcy, allowing you to restructure and repay your debts within three to five years. Our San Diego bankruptcy lawyer can explain the differences between Chapter 7 vs. Chapter 13 bankruptcy to help you decide.
What Debts Cannot Be Eliminated With Chapter 7 Bankruptcy?
A successful Chapter 7 bankruptcy process discharges most of your secured and unsecured debts, including debts related to
- Personal loans
- Medical bills
- Negligence claims
- Credit card debt
- Business debts.
However, some debts cannot be discharged, and you must continue paying them after bankruptcy. Those debts include court or government-imposed levies such as
- Child support
- Tax debts
- Student loans.
Regardless of these outstanding debts, the discharge of most of your debt can offer significant relief from the burden of debt, allowing you to begin to rebuild your finances without the added weight.
Why You Need A Good Bankruptcy Attorney
Filing for bankruptcy can be a complicated process, and it is essential to have the help of a knowledgeable attorney who knows the ins and outs of the legal system. Here are some reasons why you need the best bankruptcy attorney:
Expertise and Knowledge: Bankruptcy laws are complex, and having an experienced attorney by your side can ensure that all procedures are followed correctly, avoiding any potential issues that could lead to the rejection of your case.
Personal Attention: As experienced bankruptcy attorneys serving San Diego residents, we understand your struggles. We will give your case individualized attention and work closely with you to achieve a favorable outcome.
Guidance Through Negotiations: In some cases, creditors may try negotiating with you during the bankruptcy process. Our attorneys have the necessary skills and experience to handle these negotiations, ensuring your rights are protected.
Representation in Court: If any disputes or issues arise during your bankruptcy proceedings, having an attorney represent you can make all the difference. We will advocate for your best interests and defend your rights.
How Our San Diego Bankruptcy Law Firm Can Help You
At Chang & Diamond, we are committed to helping you regain control of your life and get back on track with your financial goals.
Throughout our years of practice, we have helped countless clients and their families start over through bankruptcy proceedings using our in-depth knowledge of bankruptcy laws. With our help and guidance, you can rise above your suffering finances and turn your life around with small, steady steps.
Some of the specific Chapter 7 bankruptcy services we offer include the following:
We can examine your situation, determine your eligibility for Chapter 7 vs. Chapter 13, and help you kickstart the Chapter 7 bankruptcy process if you qualify.
If you’re ineligible for Chapter 7 bankruptcy, we can help you determine if you qualify for other forms of bankruptcy or if alternatives, such as out-of-court debt restructuring, would serve you better.
Our lawyers are prepared to represent you during the court hearings and compulsory creditors meetings. They can advocate for you and ensure your interests are protected at each point.
The bankruptcy process requires a lot of documentation. Document preparation is an essential part of our services. You can trust us to ensure that your bankruptcy court petition and documents are in order and meet the required legal standards.
Going through bankruptcy alone could be tough. You can rely on us to hold your hand throughout the process. We can show you how to successfully and legally offload your debt burden, leaving you light enough to ascend new financial heights.
Speak With a San Diego Bankruptcy Attorney at Chang & Diamond APC Today
Life can be challenging when you are struggling to make ends meet and facing unpayable debts. But it doesn’t have to stay that way!
If you’re still looking for the best bankruptcy lawyer in San Diego, you’ve come to the right place – because we offer much more than bare legal representation.
Our experienced attorneys will review your financial situation and use their expertise to help you determine the best way to move forward.
Contact us today for a consultation with our San Diego bankruptcy attorneys. We’ll be delighted to meet confidentially and discuss your options without obligation. Our goal is simple: we want to help you become utterly debt-free so you can get back on track with your financial goals. Let us help you take the first step towards a better, brighter future!