At Nass Law Firm, bankruptcy law is one of our main areas of focus. We are known for our success in this area of the law, and we are passionate about helping our clients get a fresh start. Our bankruptcy firm is also recognized for the quality representation we provide to clients throughout Beverly Hills and the surrounding areas. We are experienced in handling a broad range of legal issues in both state and federal courts. Trust us if you’re going through financial hardship.
Benefits of hiring Nass Law Firm:
If you are overwhelmed by debt and can't get on top of what you owe, you may want to consider filing for bankruptcy. Contact us today to learn more.
Chapter 7 bankruptcy is the most common form in the United States. Unlike a Chapter 13 bankruptcy, Chapter 7 cases don’t involve the filing of a plan of repayment. Rather, the bankruptcy trustee gathers and sells the debtor’s nonexempt asset and uses the money earned to pay creditors. Certain properties could be considered “exempt” from liquidation, as the court recognizes that they may be significant to getting back on your feet. For example, it would be much harder to recover from bankruptcy if your car was repossessed or your home sold to pay off your debts.
A Chapter 7 bankruptcy for businesses means that the company ceases all operations unless the operations are continued by the bankruptcy trustee. This Chapter 7 Trustee is appointed almost immediately and has the responsibility of examining the business’s finances. He or she will liquidate the assets and distribute the proceeds to the creditors. This may mean some, if not all, employees could lose their jobs.
Investors who took the least amount of risk before the bankruptcy are usually paid first. Secured creditors, for example, are legally able to collateral, securing their loans or to the equivalent value. Their rights cannot generally be defeated by bankruptcy.
In California, there are 2 state exemptions systems you could choose from. Most debtors who have substantial home equity prefer System 1, or 704 exemptions, while System 2, or 703 exemptions, is better for debtors who have a lot of money or other valuables. In System 1, a homestead exemption can protect a certain amount of equity in your primary residence. For example:
In System 2, however, homeowners can only exempt up to $25,575.
For vehicle exemptions in California, you can exempt up to $3050 under System 1, or 704 exemptions. Under System 2, or 703 exemptions, you can exempt up to $5350. Likewise, the wildcard exemption under System 2 allows an exemption up to $1,350 of any property, which you could apply to your home or car.
When deciding about filing for bankruptcy, you may be concerned about your ability to keep certain assets or hoping that your debt will be discharged. Our Beverly Hills Chapter 7 lawyers can help ensure you understand what assets and debts will and won't be discharged with the bankruptcy process.
Assets that we work to help you keep include insurance policies, retirement assets, your real estate property and vehicles, personal effects, jewelry, and more. We are here to protect your rights and keep you informed every step of the way.
The type of debts which may not be discharged under Chapter 7 include:
Bankruptcy is a highly complicated field, and laws vary by state. If you are currently considering seeking legal representation for Chapter 7 bankruptcy, our experienced attorneys at the Nass Law Firm are here to help. You can count on us to help you understand all the ins and outs of Chapter 7, including what you can expect and your rights and responsibilities. We have more than 65 years of combined experience and are dedicated to providing you with individualized attention to ensure that Chapter 7 bankruptcy protection is right for you.
To make an appointment for a consultation, give us a call today at 310.935.0663.