Sometimes, the road of life takes you through some pretty unexpected curves. Every now and then, you might wind up with financial stresses, including debts that you cannot pay. Bankruptcy can help you get back on the right financial path, but this process is not for everyone. The best course of action is to consult with a bankruptcy lawyer near Watsonville about your options.
Bankruptcy offers you different paths to escape debt you cannot hope to repay without assistance. As an individual debtor, you have two choices in bankruptcy. Those choices are a Chapter 13 bankruptcy or a Chapter 7 bankruptcy. The two are very different in their terms, but each can help you get out of a difficult financial situation. Each kind of bankruptcy has advantages and disadvantages, and Chapter 7 is – by far – the most common form of consumer bankruptcy in the U.S.
Under Chapter 7, you do not repay any of your unsecured debt or take part in a payment plan with the court. If you still owe money on your car, for instance, you can reaffirm that debt and continue making your monthly payments. You also can reaffirm the mortgage on your home and continue paying that.
However, if the amount of equity you have in your home – how much your home could be sold for versus how much you still owe on your mortgage – exceeds state bankruptcy exemptions, you might have to sell your home. In California, the basic homestead exemption is $300,000, but can range up to $600,000 if you qualify. If your equity is less than the exemption you qualify for, you would not have to sell your house.
Any additional nonexempt property will be sold and the proceeds divided among your creditors, such as credit card companies. Once that money is expended, most of your remaining debts are discharged, and you no longer owe that money. Some debts, such as student loans and secured loans, are not discharged. Still, there is no repayment plan, and you likely will be able to keep your personal possessions.
Many people are afraid of losing everything in the Chapter 7 liquidation process, but this rarely happens. Our attorneys know how to skillfully apply exemptions to protect as much property as possible, and some Chapter 7 filers keep everything while still receiving a discharge of their debts. This is only one of many reasons why it is so important to have help from the right bankruptcy lawyer from the start of the process. We work to limit what you lose and maximize what you gain from the bankruptcy process.
If you are in a difficult financial situation and can see no way out, bankruptcy can help you solve that particular problem. If you are considering bankruptcy, you should talk to the attorneys of Miranda, Magden & Miranda, LLP. We have experience finding debt-relief solutions that work for each individual client, so please contact us 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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