Chapter 7 bankruptcy is an important tool for debt relief. It is not the only option, so it is important to consult with an attorney about all your options to find the one that is best suited to your unique circumstances. Our Castroville Chapter 7 bankruptcy lawyers are here to answer all your questions about debt relief.
Bankruptcy is a legal process by which you can get rid of your debt. If you qualify and successfully complete the bankruptcy case, your debt is discharged. This means that creditors can no longer attempt to collect the debt from you. Bankruptcy can be a long and painful process. It also appears on your credit report for years, so it can affect your ability to qualify for financing or mortgages in the future. But bankruptcy is also an important debt relief tool that can give you a fresh start. Without your debt hanging over you, you are better able to start over and rebuild your credit again.
There are different chapters in the bankruptcy code that provide for different types of bankruptcy. For example, Chapter 11 bankruptcies are often used by corporations to restructure and discharge their debts. Chapter 12 bankruptcies apply to family farmers and fishermen. But the two most common types of bankruptcies for personal debt are Chapter 7 and Chapter 13.
Chapter 7 is more popular than other types of consumer bankruptcy because it does not require a repayment plan. Chapter 7 bankruptcies apply when your income is below the California median or your income is not sufficient to cover your expenses. If your income qualifies you for a Chapter 7 bankruptcy, your debt can be discharged without making any payments. You should discuss a possible Chapter 7 case with a lawyer who can assess your qualifications.
Your attorney will evaluate many factors when helping you decide whether you should file a Chapter 7 case. Such factors include:
It is important to assess your property and assets, as some Chapter 7 filers must give up property in exchange for the discharge of their debts. An experienced lawyer can apply all possible exemptions under the law to protect as much property as possible. While some people might lose too much property, this is not the most common outcome. In fact, some people lose nothing at all in exchange for receiving a clean debt slate. This is something you should always discuss with a legal professional.
The experienced bankruptcy attorneys at Miranda, Magden & Miranda have years of experience helping clients who are struggling with debt. We find options for debt relief through Chapter 7 bankruptcy in even the most complicated financial circumstances. Contact us today to schedule a consultation. We can help you get back on your financial footing.
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..
Last year, I had just moved in the area and needed a family law attorney for a custody case. The process of finding/choosing an attorney could be daunting. However, when I went in for my first consultation with Levi my stress level was immediately mollified. He was personable, which made me feel comfortable to discuss my personal matters freely. I had a lot of questions of the legal process that would take place and he took the time to explain everything with meticulous detail. More importantly, when I called Levi he returned my phone calls in a timely/professional time frame...
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