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Chapter 7 Bankruptcy

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When you're behind the financial 8-ball... dealing with your crisis can cause a lot of fear and uncertainty about your future. What's worse, it can also affect you're your mood and relationships, and your ability to provide for your family? Once mounting debt has forced your back to the wall, and made bankruptcy more a necessity than an option, you still have choices ahead of you though - namely... "What kind of Bankruptcy should I be filing? Should it be Chapter 7 Bankruptcy? Maybe a Chapter 13 Bankruptcy?"

But whether you have a family or not, when you come to Marc for help, you can rest assured he's firmly committed to providing you with the most effective legal solutions, carefully tailored to meet your individual needs.


The most popular form is Chapter 7 Bankruptcy - also referred to as liquidation bankruptcy. However, a debtor does not automatically qualify under this type of bankruptcy action. Specifically, the individual or corporation must satisfy the requirements of the Mean's Test, which is a formulaic method used by bankruptcy attorneys to determine whether a debtor has sufficient means to manage their finances.

For those who do not meet the criteria under this test, there are alternatives such as Chapter 13 Bankruptcy that can help you deal with your mounting debt situation.

If you do pass the Mean's Test, there are several documents you must file in order to start the bankruptcy process. Specifically, you must provide the bankruptcy court in your jurisdiction with the following information:

  • A list of all of your creditors and the type of debt you owe
  • Your monthly income
  • The amount you owe to your creditors
  • A list of all of your property
  • A list of your monthly living expenses, such as food costs, housing payments, utility bills, etc.
  • The amount of money you make per month
  • The amount that you owe

What Happens After You File Chapter 7 Bankruptcy?
After filing for Chapter 7 bankruptcy, an automatic stay is applied to all of your outstanding debts. In other words, creditors cannot pursue any type of harassing collection efforts in order to collect the money you owe. The automatic stay also prevents creditors from executing judgments, foreclosing on your home, garnishing your wages and levying your bank accounts. In addition, once you file for bankruptcy, all of your creditors receive written notice of the action and a Chapter 7 bankruptcy trustee is assigned to examine your case.

In general, a bankruptcy trustee is an individual who is assigned by the bankruptcy court to assist your creditors in reclaiming the money that they are owed. Meaning, a trustee will examine all of your property and may require you to surrender any non-exempt items of value to repay your creditors. However, few debtors in Chapter 7 actions end up losing their property since a trustee will only force the sale of assets that are worth enough to make a significant financial difference.

After the trustee reviews your case, you will be required to attend a creditor's meeting where he or she will question you about your debt. Once this process is complete, the court will then discharge all of your qualifying debts.

Contact an Experienced and Innovative Pasadena Bankruptcy Lawyer

For additional information about Bankruptcies, or to discuss your particular situation with an experienced Pasadena Bankruptcy attorney, schedule a free initial phone consultation to see if we are the right law firm for you. Call (626) 304-7062, or, if you prefer, fill out our intake form and we will contact you to schedule a confidential consultation.

Mr. Landeros has earned a reputation throughout the Pasadena, San Bernardino, San Gabriel Valley and East Los Angeles County area for providing quality representation that is tailored to the needs and economical well-being of his clients. His no-nonsense style is appreciated by both his clients and the courts. His goal is to resolve your problem as efficiently and effectively as your circumstances will allow.

Remember...we can't help you if you don't call. You owe it to yourself to call us today.

Call (626) 304-7062 for a free phone consultation with an experienced Pasadena Bankruptcy Attorney to discuss how we can help you.


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