Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How bad is it to file bankruptcy twice?

<p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.</p><p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.</p>

Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

6 Best Torrance Bankruptcy Attorneys

Best Best & Krieger LLP

1230 Rosecrans Avenue, Manhattan Beach, CA 90266

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Debt Settlement

Best Best & Krieger LLP is a full-service law firm that has been catering to clients from Torrance since 1891. One of the practices the firm focuses on is bankruptcy wherein it represents cities and public agencies, creditors, debtors, financial institutions, judgment creditors, and trustees. The firm handles chapters 7, 9, and 11 bankruptcies. Its team of bankruptcy lawyers handles planning, counseling, negotiations, creditors' rights, collection, and litigation. The firm's attorneys are affiliated with the California Bankruptcy Forum and the American Bankruptcy Institute.

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Law Office of Dennis McGoldrick

21250 Hawthorne Boulevard, Torrance, CA 90503

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

The Law Office of Dennis McGoldrick is a bankruptcy law firm serving Torrance and the neighboring cities. McGoldrick represents clients who are in financial turmoil, helping them file for chapter 7, 11, or 13 bankruptcy. A Chapter 7 bankruptcy, also called straight or liquidation bankruptcy, can get unsecured debts discharged, while a Chapter 13, also known as wage earner reorganization, imposes a repayment plan. Chapter 11 allows debtors to restructure their debts through a reorganization plan.

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Law Offices of Navid Kohan, APLC

21150 Hawthorne Boulevard, Torrance, CA 90503

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Debt Settlement

The Law Offices of Navid Kohan, APLC is a Torrance bankruptcy law firm that handles cases related to bankruptcy protection. The firm provides representation to clients looking to file for chapter 7 (liquidation) or chapter 13 (repayment plan) bankruptcy. It offers a practical approach to clients in navigating through the complicated filing process. Its bankruptcy questionnaire can be easily accessed on its website where clients can enjoy a quick, confidential, and contactless consultation method.

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Munger, Tolles & Olson LLP.

350 South Grand Avenue, Los Angeles, CA 90071

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Debt Settlement

Munger, Tolles & Olson, LLP handles bankruptcy cases for clients in Torrance and the surrounding areas. The firm has a team of bankruptcy lawyers who represent Fortune 500 companies, hedge funds, industry leaders, investors, and large financial institutions in financial restructurings and complex bankruptcy proceedings. They deal with legal malpractice suits filed by bankruptcy trustees, breach of fiduciary duties in bankruptcy proceedings, and tax concerns. The firm also handles cases involving corporate finance, employment law, environmental law, and litigation.

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South Bay Bankruptcy Attorney

3620 Pacific Coast Highway, Torrance, CA 90505

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

South Bay Bankruptcy Attorney is a Torrance-based bankruptcy law firm founded by Sam Benevento. With more than 25 years of experience in the legal field, Benevento provides legal representation to individual and business debtors in chapter 7 and chapter 13 bankruptcies. He provides personal consultation services, prepares his clients' cases on his own, and accompanies them in their hearings. Benevento is a member of several professional associations like the Central District of California Bankruptcy Attorney Association.

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The Grande Law Firm

3812 Sepulveda Boulevard, Torrance, CA 90505

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

The Grande Law Firm is a Torrance-based bankruptcy law firm that provides legal assistance to clients in financial distress. The firm helps clients navigate their options for filing such as chapter 7 (straight bankruptcy), chapter 13 (payment plans), and chapter 11 (debt reorganization). It also offers non-bankruptcy options such as debt consolidation. Its initial consultation service is integrated into the firm's website and can be accessed by anyone looking to make an appointment.

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Best Bankruptcy Attorneys in Torrance

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Bankruptcy Attorneys FAQs

Best Best & Krieger LLP

Law Office of Dennis McGoldrick

Law Offices of Navid Kohan, APLC

Munger, Tolles & Olson LLP.

South Bay Bankruptcy Attorney

The Grande Law Firm

Frequently Asked Questions

Q: Can anyone file bankruptcy?

Q: How bad is it to file bankruptcy twice?

Q: Can they take my car in Chapter 7 bankruptcy?

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