Chapter 7 Bankruptcy eliminates your unsecured debts. With our offices in Los Angeles and Encino, a Free Consultation with your bankruptcy attorney is now more convenient than ever!

The various types of bankruptcy are named for the section or 'chapter' in the law that created them.

Chapter 7 Bankruptcy is often referred to as a "personal bankruptcy" or "liquidation bankruptcy". Chapter 7 bankruptcy permanently wipes out all of your qualifying debts, and no repayment is required.

Chapter 7 bankruptcy typically resolves unsecured debts such as credit card balances, unpaid medical bills, law suits, judgments, balances owed after a repossession (such as a car), and other debts.

If you have lost a job, had a sudden illness or disability or some other unforeseen circumstances, then Chapter 7 Bankruptcy may help eliminate your debts.

Chapter 7 Bankruptcy and the 'Means Test'

Under the new bankruptcy laws, high income earners may be limited in filing for Chapter 7 Bankruptcy. However most people qualify if debts prevent them from meeting their monthly living expenses and they don't own a lot of valuable property.

We can help you determine if you qualify for Chapter 7 using the 'means test'. This compares your income and expenses to determine whether or not you have the means to satisfy your current debt load.

In general, the means test will help determine if you qualify for Chapter 7 Bankruptcy because you:

• Owe significant debt;
• Find it difficult to make ends meet;
• Have little or no money left after paying your bills each month;
• Experienced a job loss or a dramatic drop in income;
• Own a home with little equity, or you rent.

How Chapter 7 Bankruptcy Works

In a Chapter 7 Bankruptcy, the court appoints a trustee to exam your net worth and records. This is the information that we will organize and file on your behalf.

Part of the trustee's job is to pay creditors by liquidating any substantial assets that are not protected under the law. However, most vital assets are generally protected, including your home and automobiles. It is important for an experience attorney to evaluate your assets to make sure they are all protected under the law.

Filing for Chapter 7 Bankruptcy will NOT AFFECT your retirement accounts, IRA's or pension

If you are considering liquidating your retirement accounts to pay your existing debts, CALL US. This means it really is time to explore filing bankruptcy and to get all of the facts before you do something you may regret in the future.

Contact our Chapter 7 bankruptcy attorney for a free consultation.

Our Simple 4-step Process

1. Free consultation. Take advantage of our no-cost consultation to discuss your situation and seek advice. If bankruptcy is not your best option, we'll be the first to tell you and suggest helpful alternatives.
2. Know your options. We help you understand in plain terms what your choices are, and the benefits of each. Don't spend hours or days reading through websites and confusing materials. We can quickly determine what applies and what doesn't in your specific situation.
3. Same day filing. When you're ready, we file your case electronically. You gain instant protection from creditors, and you are on your way to relieving the stress caused by too much debt.
4. We handle the rest! We easily guide you through any steps you need to take. We even handle your bill collectors! It's illegal for creditors to harass you once your case is filed, so refer them to your attorney and we'll put a stop to it!

Dealing with debt is difficult. That's why we make the bankruptcy process as easy as possible. Contact the Nader Law Firm today for a free consultation and discover how quickly you can get your life back on track!