Bankruptcy Lawyer Salinas
Most people have heard about the bankruptcy process or know someone who filed for bankruptcy. However, it can be difficult to know what the bankruptcy process entails, possible benefits, and whether it is the right course of action for you. If you are wondering about bankruptcy or would like to discuss a possible case, do not wait to reach out to a bankruptcy lawyer in Salinas today.
Overview of the Bankruptcy Process
Chapter 7 bankruptcy involves the liquidation of your non-exempt assets in order to pay back creditors. For this reason, lawyers and others often refer to it as a “liquidation bankruptcy.” However, many debtors do not have any of their assets liquidated during their Ch. 7 Bankruptcy, through proper use of lawful exceptions to protect their property.
To start a Chapter 7 case, you file a bankruptcy petition with the court and list all of your assets and debts. If you have any non-exempt assets, the bankruptcy trustee will sell them and use the proceeds from the sale to pay back your creditors. Importantly, there are generous exemptions available, and most people who file for bankruptcy do not have assets that can be sold. At the conclusion of your case, any debts that you have left over will be discharged, provided that they are not non-dischargeable debts like past-due alimony or child support.
Some of the debts you can eliminate in Chapter 7 bankruptcy include:
- Credit card bills
- Past-due rent
- Utility bills
- Most civil judgments
- Collection accounts
- Certain old tax debts
- Medical bills
- Personal loans
Should You File for Chapter 7 Bankruptcy?
There are many factors to consider when you are deciding on a possible bankruptcy filing. A bankruptcy case can impact your life in many ways – positive and potentially negative – and this is not a decision to take lightly. An experienced bankruptcy attorney can review the details of your situation and provide advice on whether bankruptcy is the right choice for you.
In evaluating your case, a lawyer will want to review your:
- Assets and property
- History of bankruptcy filings
You always want to provide thorough and accurate information about all of the above so your attorney can help you make the right decision.
There are some reasons you might not choose to file for Chapter 7 bankruptcy, such as having an income that is too high, having mostly secured debts, or having too much non-exempt property or assets that you don’t want to give up. In this situation, a lawyer can advise you of other potential options for financial relief. If you decide to move forward with a case, our legal team will handle every step of your case and navigate the process for you so that you have the best chance at a successful discharge.
Schedule Your Consultation with a Bankruptcy Lawyer in Salinas
If you are having financial problems, it is a good idea to talk to an experienced lawyer as soon as you can. At Miranda, Magden & Miranda, LLP, we’re committed to helping people eliminate debt and get a fresh financial start through bankruptcy. To schedule a free case valuation with a member of our team, contact us today.