Bankruptcy Attorneys in Ventura
Helping Clients Get Back on Their Feet from Our Offices in Encino & Ventura
Bankruptcy is the legal process by which a person who can no longer pay their bills and loans gains a fresh financial start. Federal law grants all United States citizens the right to file for bankruptcy and all cases are handled by the federal court. For these reasons, you need a bankruptcy attorney who is well-versed in all aspects of the law and can skillfully prepare you for the proceedings ahead. At Zahn Law Office, our Ventura bankruptcy lawyers can help you regain sound financial footing by first filing for bankruptcy to eliminate the debts that are currently holding you back. We work exclusively with Chapter 7 bankruptcies
When you file for bankruptcy, you may be able to:
- Eliminate all legal obligations to your debts
- Halt foreclosure and catch up on missed payments
- Prevent repossession of property
- Halt wage garnishment, debt collection harassment, and other creditor actions
Chapter 7 Bankruptcy
There are 4 different types of bankruptcy you can file in California, and our attorneys can help you discover which would be best for your situation. The most common type of filing is Chapter 7, also known as 'straight bankruptcy.' When you file for Chapter 7 bankruptcy, you’re filing a petition asking the court to discharge your debts. To discharge your debts, however, you must exchange the debt for property you own (except for exempt property).
The 3 other types of bankruptcy are:
- Chapter 11: this is used by businesses or people who have large debts.
- Chapter 12: this is used exclusively by family farmers.
- Chapter 13: this is similar to Chapter 7, but requires the debtor to file an official payment plan with the court.
In most scenarios all property will be exempt, however, non-exempt property is sold and the money is distributed to creditors. Chapter 7 does not eliminate the right of car loan creditors and mortgage holders to seek payments. For this reason, we will help you construct a payment plan that works best for you and these lenders.
In California, certain property is exempt from liquidation. This property includes:
- Real or personal property you reside in (house, condo, mobile home, etc.)
- Social Security deposits (up to $2,000 for a single individual and $3,000 for a married couple)
- Materials to construct a home
- Burial plots
- Health aids
- Insurance payments
- Public benefits
- Tools of the trade
More Than 30 Years of Legal Experience
At Zahn Law Office, our Ventura bankruptcy attorneys are more than capable of handling your case. We will help you itemize your assets and debts and create a solid plan for your financial stability moving forward. From filing the motion for bankruptcy to the conclusion of your case, we will help you protect your best interests and rights. We Serve residents of Los Angeles County, Ventura County, Santa Barbara County, and throughout the entirety of Southern California!