Do I Qualify?
California Bankruptcy Qualifications
Understanding whether you qualify for bankruptcy can feel overwhelming. Over time, bankruptcy laws have evolved, and determining eligibility now requires a careful review of income, expenses, assets, and overall debt. Because each financial situation is different, speaking with an experienced attorney can help you understand which options may be available to you.
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At The Bensamochan Law Firm, we help individuals and small businesses throughout Los Angeles evaluate their financial circumstances and determine the most appropriate path toward debt relief.
Chapter 7 Bankruptcy Eligibility
Chapter 7 bankruptcy is intended for individuals who are unable to repay their debts. Eligibility is determined through a financial analysis known as the means test, which compares household income and allowable expenses against California median income standards.
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If the means test shows limited disposable income, Chapter 7 may allow for the discharge of qualifying debts. If the analysis indicates the ability to repay a portion of those debts, Chapter 13 may be the more appropriate option. While the process is structured, the calculations involved can be complex and require close attention to detail.
Chapter 13 Bankruptcy Eligibility
Chapter 13 bankruptcy allows individuals with regular income to reorganize their debts under a court-approved repayment plan. This option can be especially beneficial for those seeking to keep real or personal property while addressing past-due obligations.
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To qualify for Chapter 13, a debtor must have sufficient income to support a repayment plan and meet debt limit requirements set by law, which are adjusted periodically. Additionally, required federal and state tax filings must be current prior to filing.
Guidance You Can Trust
Determining bankruptcy eligibility is not always straightforward. Attorney Eric Bensamochan takes a practical, individualized approach to evaluating each client’s financial situation. By reviewing income, debt, assets, and long-term goals, he helps clients understand whether bankruptcy is the right solution and which chapter best fits their needs.
If bankruptcy is appropriate, Eric works to develop a clear strategy designed to protect assets, reduce financial strain, and help clients move forward.
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Schedule a Complimentary Consultation
Contact The Bensamochan Law Firm to discuss your situation and learn more about your bankruptcy options. Se habla español.
CALL FOR YOUR FREE CONSULTATION
Regardless of your situation, know that Eric Bensamochan can help! Call The Bensamochan Firm at 818-574-5740 to learn more today.
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