Can I File Bankruptcy?

Woodland Hills Bankruptcy Means Test Lawyer

If you are scared to death that you will never pay off your debts, filing bankruptcy is probably your best option to regain your financial independence.

Although types of bankruptcy filings differ, they share some common elements. Here are some steps to consider concerning the bankruptcy filing process:

Step 1 — Consult With an Experienced Bankruptcy Lawyer

We encourage our potential clients to research bankruptcy before coming to a decision, whether they are considering a Chapter 7, Chapter 11 or Chapter 13 filing. A crucial element to this research is a meeting with a knowledgeable and experienced attorney who works with bankruptcy on a daily basis.

"Through my legal practice, I have counseled over a thousand individuals and businesses regarding their debt and have created a fresh start through bankruptcy for those that qualify. My success rate is high among those who qualify." - Attorney Michael H. Raichelson

At The Law Offices of Michael H. Raichelson, our lead attorney can review your circumstances, discuss your goals and formulate a plan to help you achieve those goals.

For more information or a free initial consultation, contact your consumer bankruptcy attorney in Woodland Hills, California. You may reach us online or by calling 818-921-7306.

Stage 2 — Determine Your Income and Assets

You will be required to list your income from all sources and your debts. Doing so will help us decide which type of bankruptcy is right for you. Further, it will help us in preparing your bankruptcy filing by providing required information to the court about your financial situation and needs.

Step 3 — Take the Means Test

If you are interested in filing for Chapter 7 personal bankruptcy, you must pass a means test to prove your eligibility. The test compares your family's income to the median income of a similar sized family in California. If your family's income is greater than the median income, the next step is to determine your disposable income by taking your average income for a six-month period and deducting certain allowable and reasonable expenses during this same period.

Eligibility is determined using a complex formula. Put simply, if your income is less than the California median income for the size of your household, you will likely qualify for bankruptcy under Chapter 7. Other factors — such as the size of your debt load — may also influence the threshold as it applies to you. Even if your income is above the California median income for the size of your household, you may qualify if you use an experienced bankruptcy attorney. We advise you to consult an experienced Chapter 7 bankruptcy attorney to discuss your situation.

If you fail the means test or it is determined a Chapter 7 filing is not in your best interest, you can file for personal bankruptcy under Chapter 13.

Step 4 — It Is Time to File

Once you and an attorney have determined your bankruptcy eligibility and preference, it may be time to file. But first, you must take a simple credit counseling class to meet recent requirements of bankruptcy law. Once this is done, you must submit an accounting of your assets, debts and exempt properties as part of your bankruptcy filing.

If you are filing under Chapter 13, you must also file a debt reorganization plan by which you account for how you will repay a portion of your debts over a period of three to five years. Using an experienced bankruptcy attorney to draft your Chapter 13 plan will result in your payment plan being as affordable as possible.

Within weeks of filing for bankruptcy, you will be required to attend a meeting of creditors, where your bankruptcy trustee and creditors can question you about the information in your filing. It is rare that creditors actually show up at this meeting, especially if there are no or few assets for them to recover.

Within three months of the creditors' meeting, you will likely receive a discharge order signed by the bankruptcy judge approving your Chapter 7 bankruptcy. This stops creditors from ever bothering you again regarding the discharged debts. If you filed under Chapter 11 or Chapter 13, a bankruptcy judge must approve your financial reorganization plan before moving forward.

Step 5 — Enjoy Your Fresh Start!

After months or years of worries about your finances, you may begin a new era of your financial life — all for surprisingly little cost and effort.

Free Consultation — Glendale Consumer Bankruptcy Lawyer

We know how to get clients a discharge if they qualify. We have a high success rate for qualifying bankruptcies.

For a free consultation with an experienced San Fernando Valley consumer bankruptcy attorney, contact The Law Offices of Michael H. Raichelson online or by calling 818-921-7306.

Spanish translation is available. Servicios de traducciones disponibles.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

I was in a really horrible place financially after the collapse of my business due to the economic recession. A friend referred me to the law offices of Michael Raichelson. At the very first meeting Mr. Raichelson put me at ease, assessed my situation and informed me that bankruptcy was the best option and told me he would guide me through the entire process. Everything went so smoothly and I'm so grateful to Michael and his staff for their support and successful resolution of my case. 'm now off to a brand new start and life! R.B
If you are going through a bankruptcy this is the attorney to use. He is a thorough, caring and most of all a patient attorney who knows how to get the job done with no surprises. I highly recommend him and would hire him again. N.K.
We are extremely satisfied with how Mike handled our case. After consulting with numerous lawyers about our bankruptcy filing, we picked Mike because he proposed a bankruptcy filing strategy for our situation that was most favorable to us than other's proposal. He is knowledgeable, professional, courteous, responsive and got the job done quickly. He completely looked after our best interest and delivered results as he had promised from the initial consultation.
S.P.
Manager, Employer Contracts
HNCA
When my husband became permanently disabled and unable to work any longer we were devastated. We had bills, like every American does, that were not going to be able to be paid with the loss of income. When I found out that I was going to be laid off from my job we didn't know what we were going to do. After speaking to an attorney locally I was very discouraged and didn't think we were going to have any hope at all with our bills. I then looked online and found Michael Raichelson. My husband and I went to speak with him and boy did he put our mind at ease. We left his office feeling that there was hope and a way out. He was the biggest help in making us feel assured that all was going to be okay. The process was fast and painless and I believe this was due to the professionalism and good work of Michael and his firm. We were blessed to have found Michael and even further blessed to get the help we needed.
K and J
To Whom it May Concern:
As clients of Michael H. Raichelson, my wife and I are extremely pleased to recommend his services.
When we first met Michael, our situation was pretty grim. Health problems, unemployment, and a drastic drop in the value of our house had turned our lives upside down. We just couldn't pay our bills.
Credit counseling and our research on the internet made it clear that bankruptcy was inevitable. What wasn't clear was what bankruptcy would mean for us. We felt like we were being pushed over the edge and would lose everything. Fortunately, that's when we were referred to Michael.
Michael understood what we were going through. Due to his experience with the court where we had to file and his knowledge of current, real-world conditions with creditors and banks, he was able to explain exactly what would happen and when. After our first meeting, we felt like a tremendous physical weight had been lifted from our shoulders. We felt like we were in control of our lives again.
Today, everything has unfolded just as Michael had told us it would. We are debt free and enjoying a fresh start. We strongly urge anyone faced with bankruptcy to have Michael help them as he has helped us.
Sincerely,
R.F.D

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The Law Offices of Michael H. Raichelson
6400 Canoga Avenue
Suite 352
Woodland Hills, CA 91367
Phone: 818-921-7306
Toll Free: 888-367-5012
Fax: 818-444-7776
Woodland Hills Law Office

The Law Offices of Michael H. Raichelson
1000 Town Center Dr.
Suite 300
Oxnard, CA 93036
Oxnard Law Office

SuperLawyers NACBA National Association of Consumer Bankruptcy Attorneys

The Law Offices of Michael H. Raichelson in Woodland Hills, California, serves bankruptcy clients in the San Fernando Valley (The Valley) region of Southern California, including Los Angeles, Burbank, Glendale, San Fernando, Hidden Hills, Calabasas, Encino, Sherman Oaks, Van Nuys, Ventura, Simi Valley, West Hills, Oak Park and Agoura Hills. We serve all communities in Los Angeles County and Ventura County.