Debt can quickly become overwhelming. It tends to have a snowball effect, and it doesn’t take long for a person to lose control of debt and feel powerless to rebuild his or her credit. There are many options for taking control of your financial future. Bankruptcy is a powerful tool that can legally erase debt to give you a fresh start. The experienced Gonzales bankruptcy attorneys at Miranda, Magden & Miranda, LLP, can answer your bankruptcy questions and help you determine the best option for relieving your debt.
Bankruptcy is a legal process by which a person can have his or her debts forgiven. Legally, this is known as a “discharge” of debts. There are different types of bankruptcy that are set forth in different parts of the bankruptcy code. Many types of bankruptcy – such as Chapter 13 – require a debtor to enter into a repayment plan for at least part of the debt that will be discharged. The debt will only be discharged if payments are made successfully for the specified length of time. Chapter 7 bankruptcy is a type of bankruptcy that requires no repayment plan. Because of this, it is a popular choice with debtors who qualify for it.
Every state sets its own income limit for Chapter 7 bankruptcy. In addition to falling below the income requirements, you must also pass a “means test” that examines income, expenses, and debt (both secured and unsecured). By working with an attorney before filing your petition, you can determine your eligibility in advance and reduce the risk of having a bankruptcy petition denied.
You must also account for your assets in a bankruptcy petition. Home equity, vehicles, jewelry, furs, paintings, housewares, and all other personal property are considered assets that could be used to pay your debts. Luckily, there are many exemptions that can protect your assets from the bankruptcy court. You may deduct home and vehicle equity up to the limit specified by state law. Tools or equipment used for work can also be exempt (up to the amount of $8,725).
There are also exemptions for household goods and furnishings, jewelry, life insurance, personal injury settlements, public benefits, Social Security, and inmate trust accounts. The California Code of Civil Procedure sets specific amounts in each category. And if no other exemption applies, there is a “wildcard exemption” that can be applied to any personal property. Here, too, it is important to work with an attorney before filing a bankruptcy petition. An experienced bankruptcy lawyer will know exactly what exemptions to apply to all your assets to ensure they are not liquidated by the bankruptcy court.
Debt can follow a person for years to come. By discharging the debt in bankruptcy, you can give yourself a fresh start. Contact us to schedule a consultation with a Gonzales bankruptcy lawyer. The sooner you pursue your legal options, the more control you will have over your financial future.
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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