11500 W Olympic Blvd Ste 400, Los Angeles, CA 90064
 
Baum Richard T Attorney
 
 
 
 
 

Chapter 7 Bankruptcy Attorney Rick Baum in Los Angeles, CA

 

What is Chapter 7 Bankruptcy

Chapter 7 puts an end to harassing phone calls, legal action and wage garnishment by creditors. It eliminates different types of unsecured debts, such as medical bills, credit cards, store cards, utility bills, and more—basically, most debt not tied to property. It may even buy you time to negotiate a new payment plan with your mortgage lender or auto loan company. This could help you keep your home or car while obtaining relief from other debts. There is a means test debtors take to determine if Chapter 7 bankruptcy is right for you, as well as calling Rick Baum for advice.

What About Debt Tied to Property?

Chapter 7 bankruptcy is ideal for those who have a lot of unsecured debt but not a lot of income. For example, if you have a lot of credit card debt, medical debt or payday loan debt, this may be the best way to help yourself get a fresh financial start. Student loan debt and some tax debt may not be discharged through Chapter 7 bankruptcy. Prior to filing, you will be asked to take a means test, but most debtors will pass this test.
 
Man with a paper - Bankcruptcy in Los Angeles, CA
 

How Long Do Chapter 7 Bankruptcy Cases Last?

In most cases, you may be able to have your eligible debt discharged within four to six months. If your main goal is to have debts discharged as fast as possible, Chapter 7 bankruptcy is your best option. When you file for Chapter 7 bankruptcy protection, a trustee will inventory assets and liquidate anything that is not protected under state law. Whatever money can be obtained through liquidation is then distributed to creditors with any outstanding debt balances forgiven forever.
If you need help with overwhelming unsecured debt, you can call Rick today. During your free consultation, he may be able to show you how filing for Chapter 7 bankruptcy can help you obtain financial relief without having to dip into an IRA or other savings accounts. Rick welcomes the opportunity to discuss your specific situation and how you may benefit from Chapter 7 bankruptcy.
Call Rick today for a free consultation and find out if Chapter 7 is for you.