If you are burdened by debt, it is important to explore all your legal options with a bankruptcy law firm near Marina, CA. Bankruptcy, debt consolidation, short sales, and many other options can be available to provide you with relief from your debts. The sooner you take control of your debt, the sooner you can begin rebuilding your financial future.
Bankruptcy is a legal process that allows a person to legally walk away from his or her debts. Once the debt has been discharged at the end of a successful bankruptcy case, the debtor has no legal obligation to repay his or her creditors.
The bankruptcy process begins by filing a petition with the bankruptcy court. The debtor must disclose his or her income, assets, and liabilities. A debtor must qualify for bankruptcy by staying below state law income requirements. The debtor must also qualify for bankruptcy by meeting the “means test” (a comparison of the debtor’s income to the debts he or she claims are unable to be repaid). This is why it is important to work with an experienced bankruptcy attorney before filing for bankruptcy. He or she will be able to determine if you qualify for bankruptcy and how your debts and assets should be reported on your bankruptcy petition.
The debtor must then appear at a “meeting of creditors” before the assigned bankruptcy trustee. This is an opportunity for any creditor to object to the bankruptcy. In practice, very few creditors actually have legal grounds to object to their debt being discharged. Instead, the trustee uses the meeting as an opportunity to ask the debtor questions about the bankruptcy petition. If the trustee is satisfied that the debtor qualifies for bankruptcy, he or she will recommend that the bankruptcy court discharge the qualified debt. So long as the court has no legal objections to the case, it will order the debt to be discharged.
The biggest concern most debtors have with bankruptcy is the effect it will have on their credit rating. It is true that a Chapter 7 bankruptcy is reported to the credit bureaus for ten years after your debt is discharged. This will negatively impact you for a time, and some creditors may choose not to lend to you (or only offer inflated interest rates). But this is a temporary situation. During this time, you are not burdened by making debt payments, and this allows you to make other payments on time. You are also no longer having late payments reported on your credit report. These are important steps toward rebuilding your credit. Though bankruptcy can have some temporary negative effects on your credit report, it is usually far worse for your projected future credit rating to have late payments left unresolved on your credit for years.
There are many different legal options available to resolve your debt and begin rebuilding your credit. Miranda, Magden & Miranda, LLP has helped many Californians gain control over their finances. Contact us to schedule a consultation with one of our experienced Marina bankruptcy lawyers.
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..
Last year, I had just moved in the area and needed a family law attorney for a custody case. The process of finding/choosing an attorney could be daunting. However, when I went in for my first consultation with Levi my stress level was immediately mollified. He was personable, which made me feel comfortable to discuss my personal matters freely. I had a lot of questions of the legal process that would take place and he took the time to explain everything with meticulous detail. More importantly, when I called Levi he returned my phone calls in a timely/professional time frame...
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