LOS ANGELES BANKRUPTCY ATTORNEYS

Helping Clients in the San Gabriel Valley and Greater Los Angeles

COVID-19 ALERT

Have You Been Injured Financially? Get a Clean Slate with Affordable and Fast Bankruptcy.

Many of our clients are struggling with their bills due to the coronavirus. If your debt has reached a serious level due to lost job, hospital bills or other circumstances that you can’t control, we are available to offer a free bankruptcy consultation to discuss your options for a clean slate.

Get a Free Consultation: (866) 529-6155 

“He never made me feel as if I was a loser or a deadbeat during this process. What Mr. Harrison did is give me the confidence to trust him to get the job done right! Before you knew it, we were in and out of court and it was all OVER. Thank you Mr. Harrison for helping me get back on track with my financial future. I will DEFINITELY use you in the future and will recommend you to all my peers… “
-Ben T.

 

SCHEDULE A FREE BANKRUPTCY CONSULTATION

What types of debts do you need to discharge?

credit cardspayday loanshospital billscar loansother

Do you have over $5,000 in debt?

YesNo

Are you a business owner whose business has been impacted by COVID-19?

YesNo

Are you currently employed?

YesNo

Are you being harassed by creditors?

YesNo

Have you filed for bankruptcy before?

YesNo





“As soon as you file for bankruptcy, an automatic stop is put to all garnishments, creditor contact, foreclosure proceedings, and car or truck repossessions.”

-Attorney Bryan Harrison

1. Free Consultation

Together, we’ll look at your finances and goals and determine the best plan to eliminate your debt while retaining your assets.

2. Retainer law firm / Stop Creditor Contact

Once we begin the process, creditors are prohibited from contacting you by phone, text or email.

3. File Bankruptcy Petition

Once your Chapter 7 Bankruptcy Petition is filed, you will be assigned a case number and the “Automatic Stay Order” is in effect. This means that generally, creditors can no longer pursue any adverse action against you without the permission of the Court.

4. Bankruptcy Appointment

After your bankruptcy trustee is appointed, we’ll schedule a meeting to review your assets. As your attorney we’ll advocate for you to retain as as many assets as possible.

5. 341 Hearing / Meeting of Creditors

Together, we will appear at your bankruptcy hearing. You will be asked brief questions about your bankruptcy petition at this hearing to ensure that the information is accurate and that no edits to the petition are necessary. The hearing is non-adversarial and we will be by your side at this time.

6. Debts are Discharged

You legally no longer owe unsecured debts such as debts from credit cards or payday loans.

DO YOU QUALIFY FOR A CH 7 BANKRUPTCY? FIND OUT NOW WITH A FREE CONSULTATION.

What types of debts do you need to discharge?

credit cardspayday loanshospital billscar loansother

Do you have over $5,000 in debt?

YesNo

Are you a business owner whose business has been impacted by COVID-19?

YesNo

Are you currently employed?

YesNo

Are you being harassed by creditors?

YesNo

Have you filed for bankruptcy before?

YesNo





1. Free Consultation

Together, we’ll look at your finances and goals and determine the best plan to eliminate your debt while retaining your assets.

2. Retainer Law Firm / Stop Creditor Contact

Once we begin the process, creditors are prohibited from contacting you by phone, text or email.

3. File Bankruptcy Petition

Once your Chapter 7 Bankruptcy Petition is filed, you will be assigned a case number and the “Automatic Stay Order” is in effect. This means that generally, creditors can no longer pursue any adverse action against you without the permission of the Court.

4. Bankruptcy Appointment

After your bankruptcy trustee is appointed, we’ll schedule a meeting to review your assets. As your attorney we’ll advocate for you to retain as as many assets as possible.

5. 341 Hearing / Meeting of Creditors

Together, we will appear at your bankruptcy hearing. You will be asked brief questions about your bankruptcy petition at this hearing to ensure that the information is accurate and that no edits to the petition are necessary. The hearing is non-adversarial and we will be by your side at this time.

6. Debts are Discharged

You legally no longer owe unsecured debts such as debts from credit cards or payday loans.

“As soon as you file for bankruptcy, an automatic stop is put to all garnishments, creditor contact, foreclosure proceedings, and car or truck repossessions. Stop the harassing calls. Then let me help you come up with a plan to give you a fresh start.”

-Attorney Bryan Harrison

What Debt Can Be Wiped Out in a CA Chapter 7 Bankruptcy?

Credit Card Debt

With a few exceptions, Chapter 7 bankruptcy will wipe out most or all unsecured debt. Once you file for bankruptcy protection, bankruptcy’s automatic stay prohibits most creditors from continuing collection efforts against you.

Payday Loans

In Chapter 7 Bankrupcy, most payday loans are considered to be unsecured debt and is discharged.

Medical Bills

According to a recent study, medical bills are the main reason why 2/3 of Americans file for bankruptcy due to both the high costs for care and the time out of work. Medical bills are unsecured non-priority debt which will be wiped out.

What Assets are Protected in a CA Chapter 7 Bankruptcy?

House

California has a homestead exception under Ch 7  which allows filers to exempt some, but not all equity in your home depending upon factors such as your family’s size, your age and your disability status.  Please contact us so we can explain how this complex calculation works.

Car

Chapter 7 bankruptcy has a motor vehicle exemption which allows filers to exempt some equity.

Whether you can keep your car depends upon how much the vehicle is worth, how much you owe on it, and how much your applicable exemption amount is.

Retirement Account (401K)

ERISA qualified 401k plans are not considered property of the bankruptcy estate. This means that the Chapter 7 bankruptcy trustee can’t go after that money to pay your debts.

California Bankruptcy: Frequently Asked Questions

What is Bankruptcy?

Bankruptcy is a legal procedure in which an individual, married couple, or business says that they are no longer able to pay their debts. The bankruptcy court takes a look at their financials and makes a determination based on the U.S. Bankruptcy Code on whether or not they can receive a discharge, consolidate their payments, or otherwise ask for relief from the payment of debts.

Why Should You File for Bankruptcy?

Let’s face it. Sometimes you reach a point where you recognize that you will never be able to pay your way out of debt. Meanwhile, your creditors are filing lawsuits against you, you are getting harassing phone calls from debt collectors, and you could face wage garnishments, bank levies, or the placement of liens on your property.

If your creditors have already begun the process of filing a lawsuit against you, they can garnish your wages in the likely event that they win the lawsuit. To prevent this, car repossessions, and foreclosures, you can file for bankruptcy. Once your case has been filed, all creditor actions against you must immediately stop while the court reviews your case.

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also known as “straight bankruptcy” or “liquidation bankruptcy” involves the discharge of all unsecured debts against your valuable assets.

You are required to list all current debts on your bankruptcy forms and determine whether or not you want to discharge them. In the case of unsecured debt, like medical debt or credit card debt, those debts will be discharged. In the case of secured debt like mortgage or car payments, your obligation to pay those debts is removed and any penalties for nonpayment are discharged.

In a Chapter 7, the bankruptcy trustee will look for any valuable property or assets you have and use those to repay your creditors. But most individuals who qualify under Chapter 7 do not have significant assets to liquidate and thus do not have to surrender any valuable property. Those who file under Chapter 7 are allowed to protect some of their valuable assets up to a certain amount.

n a good place prior to filing for bankruptcy.

We then assess your debt liabilities, your financial situation, and help you make decisions on what property you want to exempt from liquidation.

If you are in a difficult situation, call the California bankruptcy attorneys at Harrison l Kristopher, LLP today to learn more about how we can help.

How do I Qualify Under Chapter 7?

Chapter 7 bankruptcy has an income threshold. The income threshold is based on the median family income in your state of residence. This figure changes from year to year. Suffice it to say, if you make less than the state median, you can file for Chapter 7 bankruptcy.

Those who make more than the state median are required to pass a means test. The means test determines whether or not an individual with more income than the state median can file under Chapter 7. If the court determines that they have enough disposable income, they will be prevented from filing a Chapter 7 bankruptcy.

California Chapter 7 Bankruptcy Automatic Qualification
Family SizeCA Median State Income
1 earner$60,360
2 earners$79,271
3 earners$88,235
4 or more*

$101,315

Add $8,100 for each individual in excess of 4

Median Income Data Source.

 

Who is Chapter 7 Bankruptcy for?

The most common types of people who file under Chapter 7 are those who owe a lot of money in medical expenses or credit card debt. They are probably getting threats from creditors and will likely be facing lawsuits soon or are facing lawsuits already. They do not have the means to pay off the debts that they are being expected to pay and need a financial fresh start to stabilize their financial situation.

What Kinds of Debts can Chapter 7 Discharge?

Debts that can be discharged in Chapter 7 include unsecured debts like medical debt and credit card debt. Chapter 7 also discharges your obligation to pay on secured debts like your mortgage or your car. However, if you choose to discharge a secured debt in Chapter 7, you may forfeit your right to the property depending on a variety of factors, such s the type of asset.

Alternatively, those who file under Chapter 7 can reaffirm their intention to make payments on secured debts. But if their Chapter 7 is granted, they would not be able to file another Chapter 7 for eight years. That means that they would be on the hook to pay those debts and bite the bullet on penalties that arise from their non-payment if they default on their debt.

What Property can I Keep in a Chapter 7 Bankruptcy?

California Law and federal law provide for exemptions that allow you to protect and keep your property from liquidation in a Chapter 7 bankruptcy. While every case is different, once qualified for a Chapter 7 Bankruptcy by one of our attorneys, our clients are generally able to keep all of their property.

Working With a Chapter 7 Bankruptcy Attorney

Many folks do not know where to even begin when it comes to filing for bankruptcy. That is why bankruptcy attorneys exist. We help those who are saddled with crippling debt find the light at the end of the tunnel. Our job is to protect you from aggressive creditors, prevent the garnishment of your wages, and set you back on the path to financial freedom.

While there are certain consequences to your credit involving Chapter 7, we also help bankruptcy filers rebuild their credit after they have received their discharge. Chances are, your credit was not in a good place prior to filing for bankruptcy.

We then assess your debt liabilities, your financial situation, and help you make decisions on what property you want to exempt from liquidation.

If you are in a difficult situation, call the California bankruptcy attorneys at Harrison l Kristopher, LLP today to learn more about how we can help

SOUTHERN CALIFORNIA

TEL: (866) 529-6155

FAX: (866) 565-6206

301 E. Colorado Blvd #711
Pasadena, CA 91101