A Fresh Start From Overwhelming Debt.
When paying off your monthly debt begins to control your life, Chapter 7 bankruptcy is the relief you are looking for. It allows you to discharge most debts and to be free fom your financial nightmare.
At the Law Offices of Henry Haddad, we represent individuals throughout Los Angeles who are struggling with unmanageable and out-of-control debt that is creating stress and anxiety in their lives. Discharging your debts means you do not have to pay your creditors. We help clients understand the financial relief that comes from a Chapter 7 bankruptcy. It is the only option available when you have tried everything else.
If your debt has become overwhelming and you are stretched to the max, then understanding the relief that is available to you is the first step toward a fresh start.
Chapter 7 bankruptcy is designed to provide individuals struggling with overwhelming debt an opportunity for financial relief and a fresh start. For those who qualify, Chapter 7 allows certain unsecured debts to be discharged (erased) without the constraints of a long-term repayment plan.
Chapter 7 bankruptcy can provide a path toward financial relief for individuals who are overwhelmed by debts. For those who qualify, Chapter 7 discharges unsecured debts, credit card balances, medical bills, personal loans, auto loans when you no longer want to keep your car, and stops lawsuits and collection efforts by creditors and their lawyers.
Filing bankruptcy triggers an automatic stay, which puts an end to all collection efforts, including creditor calls, collection lawsuits, wage garnishments, and certain other efforts to collect debts.
Chapter 7 is not simply about eliminating debt—it is about giving eligible individuals an opportunity to regain control of their earnings and move forward in life with a fresh start.
At the Haddad Law Firm, we help clients understand what Chapter 7 can—and cannot—do, determine whether they qualify, and guide them through the process from filing through discharge.
Filing Chapter 7 does not automatically mean that you will lose your home, car, or other property. Whether property is protected depends on several factors, including the applicable bankruptcy exemptions, the value of the property, the amount of equity you have, and whether there are liens against it.,
California law provides bankruptcy exemptions that protect your home and certain property, with limitations, so that you do not have to start from scratch. Your financial circumstances and the type and value of your assets are important factors to consider before filing.
We review your financial situation and eligibility.
We gather documents and prepare your filing accurately.
Collection activity must stop immediately.
Qualifying debt is eliminated, and an Order Discharging your debts will typically be issued within a few months.
A Chapter 7 bankruptcy can provide a fresh financial start by forgiving your legal obligation to pay your debts. This is known as a discharge of your debts. The process begins with a careful review of your debts, income, assets, and financial circumstances to determine whether Chapter 7 is appropriate and which exemptions may protect your property.
Once a Chapter 7 petition is filed, an automatic stay is issued by the court stopping all collection efforts by providing immediate relief from creditor harassment, lawsuits, and other collection activities. The bankruptcy petition is then reviewed by a trustee whose job is to search for non-exempt assets before your debts become dischargeable.
When debts are discharged, you move forward with your life without facing monthly financial bills that have been irritating you.
When you are overwhelmed with debt, getting constant annoying calls from collectors, your wages are garnished, or you cannot construct a budget that allows you a minimum lifestyle while paying off your creditors, then bankruptcy should be considered.
Chapter 7 discharges unsecured debts and eliminates the legal obligation to repay them. Regarding secured debts such as car loans or home mortgages, you decide if you want to keep your property, but if you do, then you continue paying those creditors.
The goal is more than simply filing a bankruptcy case—it is helping you understand your legal options and, when appropriate, use the bankruptcy laws to move toward a genuine financial fresh start.
Your credit card debts and unsecured loans will be discharged, which means you will no longer be legally obligated to pay your creditors.
Regarding a home mortgage or car loan, you have the right to keep your property if you agree to continue making payments. [These assets are exempt up to a certain amount.]
Unsecured debts are dischargeable.
For a debtor who qualifies, Chapter 7 will discharge debts such as:
Chapter 7 — Liquidation
Chapter 13 — Individual Reorganization
Chapter 11 — Reorganization
Chapter 12 — Family Farmer or Family Fisherman Reorganization
Chapter 7 eligibility is primarily determined under federal bankruptcy law, not California law. California law becomes particularly important when determining which of your assets may be protected through exemptions.
Generally, an individual seeking Chapter 7 relief must satisfy several requirements:
Upon filing a bankruptcy petition, the court will issue an Automatic Stay and give notice to your creditors, who must immediately stop calling you and stop all other collection activities.
Yes. Filing Chapter 7 will generally stop a wage garnishment for a debt that is subject to the bankruptcy automatic stay.
Schedule your free consultation in less than two minutes. Tell us a little about your case and our attorney will personally review it with you.
(213) 387-0099
info@haddadlawoffices.com
