Are you trapped under an overwhelming amount of debt? Your last resort may be filing for Chapter 7 bankruptcy. The most common form of bankruptcy, a successful Chapter 7 bankruptcy case, will wipe out all your dischargeable debt to give you a fresh financial start. Our experienced bankruptcy lawyers here at Miranda, Magden & Miranda, LLP, can help you with the entire bankruptcy process, so you can start living a debt-free life. If you have yet to consult with a bankruptcy lawyer in Hollister, here’s what you need to know about Chapter 7 bankruptcy.
Put simply, when you file for Chapter 7 bankruptcy, a trustee appointed by the court will examine all your assets, property, and debts and will sell or liquidate property, if any, that is not protected under law. The sale proceeds will then be used for paying off your creditors. The court will forgive the remaining debt that exceeds your assets.
Property that the trustee can’t liquidate or sell and you get to keep is called exempt property, and this usually includes, but is not limited to:
Although some of your debt may be forgiven or discharged, the court can’t forgive specific payments, which can include:
You cannot file for Chapter 7 bankruptcy in the event that you’ve had debt discharged even once in the past six to eight years. But the total time will depend on which form of bankruptcy was used to discharge the debt. You will also need to pass a means test, which is a test that will determine whether you can pay back a reasonable percentage of the debt. The test will compare your income to your state’s median income.
Prior to filing for Chapter 7 bankruptcy, you’ll be required to complete a DOJ-approved credit counseling course. This course will give you an understanding of the other alternatives you may consider before you resort to Chapter 7 bankruptcy. You can complete this course online, by phone, or in person. You will also have to file a petition along with some documents with your local bankruptcy court. The required documents will show the following to the court:
An automatic stay will be placed on your property once the bankruptcy court approves your paperwork. With an automatic stay in place, your creditors won’t be able to collect what you owe them. This means that during this time, the court will safeguard your property and assets from seizure.
If you’re considering filing for bankruptcy, let the experienced Chapter 7 bankruptcy attorneys of Miranda, Magden & Miranda, LLP, help you. Use our online contact form or call us to discuss your bankruptcy case with a bankruptcy lawyer in Hollister today.
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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