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Chapter 7 Bankruptcy Attorney Near Hollister

Millions of Americans are currently dealing with significant debt for a variety of reasons, including unexpected medical bills, the loss of a job, or overutilization of credit, just to name a few. Fortunately, United States Bankruptcy law allows many consumers to obtain a fresh financial start through Chapter 7 bankruptcy. In many cases, people who file for bankruptcy are able to eliminate all of their debt and start over in a matter of months. To learn whether bankruptcy is right for you, read on to learn more and contact our office today to schedule a consultation with a bankruptcy lawyer near Hollister.

Chapter 7 Basics

In a Chapter 7 bankruptcy, a debtor’s non-exempt assets are liquidated, and the proceeds from the sale of those assets are used to pay his or her creditors. Whatever debts are leftover are typically discharged, which means that the debtor is no longer under any obligation to pay them back. Some of the more common kinds of debts that can be eliminated through Chapter 7 bankruptcy include:

  • Credit Card Bills
  • Medical Debt
  • Consumer Loans
  • Car Loans
  • Past-Due Rent
  • Unpaid Utility Bills
  • Personal Loans
  • Collection Accounts
  • Civil Judgments

Importantly, some types of debts are nondischargeable. For this reason, you should always consult with an attorney before you move forward with filing for Chapter 7 in an attempt to eliminate your debts.

Will You Lose Your Assets if You File for Chapter 7?

Many people worry that they will have to give up all of their important personal possessions in order to file for Chapter 7 bankruptcy. While this concern is understandable, it is normally unfounded. Chapter 7 only results in the liquidation of a debtor’s non-exempt assets, and there are significant exemptions for a wide variety of personal and real property. In fact, it’s instructive to consider the fact that the majority of Chapter 7 bankruptcy cases are “no-asset” bankruptcies, which means that none of the filer’s assets will be sold off by the bankruptcy trustee. As a result, there is a good chance that you may be able to eliminate your debts without having to turn any of your possessions over to the court.

Do You Need an Attorney to File for Chapter 7 Bankruptcy?

There is no rule that you have to file for bankruptcy with the assistance of a lawyer, but it’s highly advisable to do so. Bankruptcy can have significant long-term legal and financial consequences, and it’s important that you fully consider all of your options before filing. A lawyer will ensure that your documentation is complete and accurate and that your case goes as smoothly as it can.

Call Us Today To Schedule a Consultation with a Chapter 7 Bankruptcy Lawyer Near Hollister

If you are having trouble keeping up with your financial obligations, you should speak to an attorney as soon as possible. At Mirada, Magden & Miranda, LLP, we’re committed to helping people in and around Hollister obtain a fresh financial start through bankruptcy. To learn how we can help you, contact us today to set up a consultation with one of our experienced bankruptcy attorneys.

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