If you are considering bankruptcy, you are in a challenging situation that may leave you wanting to ignore the issue. This approach, however, is not going to resolve the issue, and you may be surprised by the fresh start that bankruptcy can provide. The most important first step that you can take is also one that may provide you the peace of mind you are looking for, and that is reaching out to an experienced bankruptcy attorney in Salinas for the help you are looking for.
There are several kinds of bankruptcy, but the most common for individuals who have gotten to the point that they feel like they are drowning in debt is Chapter 7 bankruptcy. Chapter 7 involves paying off your creditors by liquidating those assets that belong to you. In the Chapter 7 bankruptcy process, however, you are allowed to keep those assets that are necessary to continue to support yourself moving forward (under exemptions), including:
Bankruptcy is intended to provide those who go through it with a fresh financial outlook – not to take away their ability to continue supporting themselves in the process.
Instead of requiring you to file a repayment plan, a Chapter 7 bankruptcy involves gathering and selling off those assets that are not exempt and using the proceeds to pay creditors in accordance with the Bankruptcy Code.
In order to seek a Chapter 7 bankruptcy, you must be eligible to do so, and towards this end, you must pass a means test. If your household falls below the median income for a household of your size, you are exempt from the test, but otherwise, the following limitations apply:
These maximums are recalculated twice each year.
If your household’s earnings are in excess of the maximum amount allowed, you may still qualify, but you are required to take the full means test. This is a matter of subtracting all allowable expenses from your total income, and if the resulting amount is below the financial threshold listed above, you qualify to seek a Chapter 7 bankruptcy.
The savvy bankruptcy attorneys at Miranda, Magden & Miranda, LLP, in Salinas have a wealth of experience helping clients like you reset their finances and get back on track with Chapter 7 bankruptcies that protect their legal rights and work for them. If you are facing crushing financial hardship, you should not wait to reach out and contact us for more information about how we can help you today.
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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