We often receive calls from individuals who are under extreme pressure in light of ongoing debt that seems to never end. In 2020, in light of Coronavirus Panedemic that hit the world, bankruptcy is often the solution for individuals living in Los Angeles. Many people do not know what to expect when filing a Chapter 7 bankruptcy case in Los Angeles, which is the reason why we write this article. A qualified Los Angeles Bankruptcy Attorney is always ready to discuss your financial situation when considering a bankruptcy.
Qualifying for Chapter 7 Bankruptcy in 2020
Individuals must generally fall under the medial level of income in order to qualify for a Chapter 7 bankruptcy. Aside from that, an individual considering a Chapter 7 should not have any large assets such as a home with a lot of equity, an expensive car, etc. While the law lets individuals keep some items in bankruptcy, valuable items would not fall under that “umbrella.” To put it in other terms, the law will not let one erase debt when he/she has significant assets, and can technically afford to pay the debt.
Timing for Chapter 7 Bankruptcy in 2020
One of the first questions that we often receive from clients is how long does it take for a Chapter 7 until it concludes and a discharge is entered. We often advise clients that most bankruptcy cases in 2020 last approximately 4 months from the date of filing of the bankruptcy. To get the bankruptcy filed with the Court, however, it may take some time to prepare the bankruptcy documents and ensure that everything listed in the bankruptcy documents is true and correct. This is a process that a qualified Los Angeles Bankruptcy Attorney can assist with and can take some additional time before the actual bankruptcy is filed.
You Normally Do Not Have to Appear in Court
Most Chapter 7 bankruptcy cases in Los Angeles to not require the appearance of the debtor (the person filing the bankruptcy) at Court. However, every person that files a Chapter 7 bankruptcy must appear before a Chapter 7 Trustee at a meeting called “creditors’ meeting” or a “341(a) meeting”. This meeting often lasts only a few minutes, and are often done in person. In light of the Coronavirus pandemic, 341(a) meetings were handled by phone, but that is subject to change, so it’s best to look at the notices received after a bankruptcy is filed.
Cost Involved With Filing a Chapter 7 Bankruptcy in 2020
Chapter 7 Bankruptcy cases are the generally cheaper than other types of bankruptcy in 2020. the costs involved generally include two (2) categories that a debtor normally has to pay for. The first one is “costs”, which include the Court fees, credit report fees, and debtor counseling fees. The other item are “attorneys’ fees.” Attorneys’ fees vary depending on the complexity of the bankruptcy.
At Katz Law, we are known to have some of the most competitive pricing in the market. Also, we are upfront in our prices, so you will know what you are getting before you sign an agreement with our firm. Finally, some firms have non-attorneys completing bankruptcies on behalf of the attorneys. At Katz Law, we are proud to say that every bankruptcy filed by our firm is overseen by an attorney. If you would like to learn more about the costs and fees for filing your specific bankruptcy in Los Angeles, give us a call now at (310) 444-9444.
Want to Learn More About When You Should File a Bankruptcy, Consult With a Los Angeles Bankruptcy Attorney Now!
If you or your loved one is considering bankruptcy, give us a call now. We would be happy to talk to you. Also note that in light of social-distancing, we are willing to conduct our free consultations by phone or by video. Just call us to set up an appointment.