The reason why the government permits bankruptcy is that even people who have insurmountable debt could learn the error of their ways and become contributing and productive members of society. At the law firm of Miranda, Magden & Miranda, LLP, in California, our experienced attorneys specialize in Chapter 7 bankruptcy and can guide you throughout the entire bankruptcy process. If you have yet to speak to a bankruptcy attorney in Watsonville about your specific situation, here’s a primer on Chapter 7 bankruptcy to get you started.
The court will appoint a bankruptcy trustee to manage your case. Among the most important duties of a trustee is to sell your assets and use the proceeds of the sale to pay your creditors. You are, however, allowed to keep some, or all, of your property. These exemptions could refer to either state or federal statutes, and in some cases, debtors can choose which set of exemptions would benefit them most. Examples of property that is exempt from seizure can include:
It’s important to note that everyone is entitled to retirement account exemptions, even if they should accept the exemption list in their state and their state does not allow retirement account exemptions.
You will need to gather your financial records, which can include all your bank statements, pay stubs, loan documents, and credit card statements. You will use these records to complete your Chapter 7 bankruptcy petition, statement of financial affairs, schedules, and other paperwork that you must submit to the local bankruptcy court. These records are crucial because they will show the court all your debts, property, expenses, and income.
When filing for a Chapter 7 bankruptcy, you should likewise pass the means test. This test calculates whether you have the means to at least pay off a significant amount of your debts. In the event that you fail to pass the means test, you may still be able to file for a Chapter 7 but only under specialized exceptions. The test will essentially compare the debtor’s income with the state’s median income and then compare the debtor’s expenses to local standards, which is what people in the area usually spend for similar expenses.
In a credit counseling course, which you’ll need to complete before filing for bankruptcy, you will find out about other options that you can consider before resorting to bankruptcy. You can attend this course in person, by telephone, or online. You can check the website of the Department of Justice (DOJ) for a list of credit counseling courses in your area. We provide access to these required courses during the process of your bankruptcy.
You don’t have to let your debt control your life. You need to take control of your finances now to prevent further harm to your finances. Let the experienced bankruptcy lawyers of Miranda, Magden & Miranda, LLP, help you with your case. Call us or schedule a consultation via our online form if you want to learn more about bankruptcy or would like to talk to a bankruptcy attorney in Watsonville about your case.
This law firm made sure they got every single detail to my case. You could tell they truly care about their clients and doing everything they can to win your case. Truly professional and caring people!
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..
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