Helping Clients Through the Bankruptcy Process in the Hollister Area
Millions of individuals and households throughout the United States are dealing with overwhelming debt. There are many reasons that debt problems can develop, including unemployment, medical bills, legal judgments, and more. No matter what led you to this difficult position, it is important to remember that the law provides important debt relief options.
Bankruptcy has been a right of U.S. residents since the Constitution was drafted, and federal laws set out the requirements and procedures for different types of bankruptcy cases. While bankruptcy is not for everyone, it is always worth it to explore this option if you cannot pay your debt obligations. Discuss a possible case with our experienced Hollister bankruptcy lawyers at Miranda, Magden & Miranda, LLP today.
Your Bankruptcy Options
Our legal team can evaluate your financial situation and advise whether bankruptcy is the right solution for you. This is only the first step of the process, however, as there are other decisions to make, such as which type of bankruptcy to file. The following are the main options for consumers:
- Chapter 7 – Chapter 7 bankruptcy is the most common type of filing for consumers in the U.S. This is commonly called the “liquidation” bankruptcy since you can obtain a discharge of your debts in exchange for relinquishing non-exempt property to the bankruptcy trustee. In many cases, Chapter 7 filers have little to no non-exempt property, however, and they may receive a discharge in about three to five months.
- Chapter 13 – Some people do not qualify for Chapter 7 bankruptcy, or they may have non-exempt property they want to protect. In these situations, Chapter 13 can still provide the debt relief you need. Chapter 13 is often called the “reorganization” bankruptcy since the bankruptcy trustee will reorganize your debts and set a three- to five-year payment plan for you based on your income. Once you complete the plan, you can obtain the discharge of your remaining qualifies debts.
No matter which type of case you file, our legal team can navigate the process for you from start to finish.
Benefits of Bankruptcy
There are many ways that bankruptcy can assist you and your family if you cannot afford your required payments or are subject to certain legal judgments. First, an automatic stay will go into place when you file your petition, which will order the following:
- Creditors to stop all collection efforts
- Parties to stop enforcement of any legal judgments
- Halting any foreclosure actions
- Halting the repossession of vehicles
- Stopping evictions or utility shut-offs
- Stopping wage garnishments
You can feel immediate relief when the automatic stay goes into effect, and it can even give you the opportunity to negotiate with mortgage lenders to reach an agreement that prevents foreclosure. This is only one of the many benefits of bankruptcy cases.
Contact Our Bankruptcy Lawyers in Hollister to Discuss Your Options
At Miranda, Magden & Miranda, LLP, we have seen firsthand how bankruptcy can help our clients. Please contact us to learn about your options from a bankruptcy lawyer in Hollister today.