Advising Clients about the Bankruptcy Process
The law acknowledges that debt can become out of control and that certain consumers should be able to seek financial relief through the bankruptcy process. While bankruptcy is not the right answer for every situation, many people benefit from Chapter 7 or Chapter 13 bankruptcy each year in the United States.
If you are unable to pay your debts, the stress of this situation does not have to persist indefinitely. Instead, schedule a free consultation to discuss your debt relief options with an experienced bankruptcy attorney near Watsonville. The legal team at Miranda, Magden & Miranda helps clients like you find solutions to take control of your finances and start over with a fresh slate. Contact us directly to learn more about our legal services.
Is Bankruptcy Right for You?
Our attorneys conduct a thorough evaluation of your financial circumstances, including your income and the nature of your debts. We can advise you whether bankruptcy is a viable option, or whether there might be other solutions in your circumstances. If you decide to file for bankruptcy, the next step is to decide which type of case you should file. Your options include the following:
- Chapter 7 – This is called “liquidation” bankruptcy since you can receive a discharge of your qualified debts in exchange for relinquishing certain nonexempt property (if any) to the bankruptcy court. Many consumers aim for Chapter 7 since it is shorter, it does not require a payment plan, and exemptions under the law can often protect most, or all, of their property and assets.
- Chapter 13 – Some consumers might be excluded from Chapter 7 bankruptcy due to having too much income, or they may not be able to protect enough property with exemptions. Chapter 13 can be a good option if Chapter 7 is not possible or preferable. Chapter 13 bankruptcy reorganizes your debts and requires you to make reasonable monthly payments to the bankruptcy court. At the end of your repayment plan, which can last three to five years, the court can discharge your remaining debts.
How Our Bankruptcy Attorneys Can Help
Not only will our lawyers help you decide which type of bankruptcy is right for you, but we will then assist you with every single step of the legal process. This can include the following and more:
- Gathering the necessary information to complete the highly detailed bankruptcy petition and supporting documents
- File your petition and documentation with the proper U.S. district court
- Represent you in all communications with the bankruptcy trustee and in the 341 Meeting of Creditors
- Fight for reasonable payment amounts in Chapter 13 cases
- Apply exemptions in a Chapter 7 case to protect maximum property
- Ensure you meet all requirements of your bankruptcy case for a successful discharge
Discuss Your Options with Our Bankruptcy Attorneys near Watsonville
At Miranda, Magden & Miranda, we are proud to help clients achieve financial freedom through bankruptcy. If you would like to learn about how the legal process can help you, contact us to meet with our bankruptcy attorneys near Watsonville today.