As a debtor considering whether to file for Chapter 7 Bankruptcy, you likely have many questions regarding the bankruptcy process and what’s involved in a Chapter 7 case. Below are some frequently asked questions regarding Chapter 7 bankruptcy. For specific questions about your individual situation, contact a bankruptcy attorney near you.
While Chapter 7 bankruptcy is a beneficial process for many people, it is also a complex legal process with many implications for your future. You should never file for bankruptcy on a whim, but instead, carefully discuss whether this is the right debt relief path for you and your situation. Our attorneys review many factors, including:
If Chapter 7 is the right course of action, your attorney can begin guiding you through the process.
The means test determines whether or not you have enough disposable income to pay your debts when considering all sources of monthly income. If you make less than the state median for a family of your size, then you qualify to file for Chapter 7 bankruptcy. If not, your lawyer can deduct certain qualified expenses to show reduced income. If you still make more than the state median, you might need to explore other options for debt relief other than Chapter 7.
When it is determined that you are eligible to file Chapter 7 bankruptcy, your assets will be liquidated to pay the money you owe to creditors. There is certain property that is considered exempt and cannot be liquidated. After all non-exempt assets are liquidated, you will be entitled to discharge your remaining debts.
Exempt property is generally those assets that are needed to maintain your house and your employment. California law requires all debtors to choose from one of two systems of exemptions. Both systems allow you to retain the homestead, motor vehicles, personal property, insurance, and benefits, generally up to a certain amount. However, the 704 exemption is better for those who wish to protect their houses. This exemption, known as the “wildcard” exemption, allows you to protect any property up to a certain dollar amount.
Once your assets are liquidated, and creditors are paid with the proceeds, you are entitled to discharge your remaining debts. However, certain debts cannot be discharged including:
A bankruptcy attorney can help you provide accurate and complete information when submitting required documents to help prevent delays and ensure a successful discharge of your debts. The bankruptcy attorneys at Miranda, Magden & Miranda, LLP, are here to guide you through the Chapter 7 process. Visit our website to contact a bankruptcy attorney near you.
Patricia has been so helpful and provided excellent service. My husband and I are so grateful for all the help she has provided to help me immigrate to the United States. We really could not have gotten through it without her help. A big thank you to Patricia\'s assistant, Ingrid as well for always being prompt with responses and helping us get all the paperwork ready at each stage. I highly recommend Patricia for anyone who needs immigration help.
Thank you Miranda and team for the excellent service provided. Miranda is a compassionate, understating, extremely knowledgeable and professional attorney. Her team was always on top of everything making my legal process less stressful. I could never thank Miranda and her assistant Ingrid for holding my hand throughout this difficult process (literally). Miranda is one of the BEST immigration lawyers ever! I would definitely recommend her.
They represented my custody case and handled it like it is their own case and they are best in Monterey County.
The entire team at MMM are superstars! I appreciate all the time and prep that went into my original case many years ago. And now recently, I asked for some help on a follow-up custody matter that I felt I could handle myself but just needed their expertise to properly represent all the important details. They are knowledgeable, extremely thorough, and prepared me for every possible scenario. I can't thank them enough!
My partner and I sought legal advice on bringing my fiance' to the United States with this office after having called a few immigration attorney offices around Monterey County. Having never sought legal advice before it was a refreshing experience in which we both really felt that Patricia listened intently to our goals and needs, and then not only gave us thorough advice, but also she really showed a lot of empathy with our situation and all the challenges we faced in what we trying to do. I would definitely recommend this office for anyone who is unclear about what..
Working with Patricia was a professional encounter unlike any other, an absolute 5-star experience. From the first moment, we walked into our consultation until the moment our case was closed and my husband walked away with his permanent resident card Patricia was communicative, professional, and thorough. Her team contacted us every step of the way providing valuable process and law changes we would not have been able to catch if we tried to navigate this endeavor alone. Patricia answered our endless question stream with thoughtfulness and care, calling us countless times to ensure we were clear on every piece of..
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