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.
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:
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:
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.
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.
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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