April 5, 2020
Most people have heard the term “bankruptcy” at least a few times in their lives. Nonetheless, although they heard the term bankruptcy from reading articles, the radio, speaking to friends or family, or from the news, many people do not know what to expect when filing a Chapter 7 bankruptcy case in Los Angeles. In order to make bankruptcy more palatable for people considering bankruptcy in Los Angeles, in this article we summarize a few things about Chapter 7 bankruptcies. This article will assume that the individual is eligible for a Chapter 7 Bankruptcy. Eligibility largely depends on income level, but can be discussed with a qualified Los Angeles Bankruptcy Attorney.
Most Chapter 7 Bankruptcies Only Take a Few Months
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 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.
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 some of the goals of this meeting is for the Trustee to ensure that the debtor is eligible for a bankruptcy, that the debtor is not hiding anything from the Trustee and creditors, and that the debtor is aware of the bankruptcy documents that were filed with the Court and ensures that those are accurate.
Cost Involved With Filing a Chapter 7 Bankruptcy in Los Angeles
With regard to the amount that a Chapter 7 Bankruptcy will cost, there are two (2) items 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, but the prices at Katz Law are known to be some of the most competitive 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.
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