Filing bankruptcy allows you as a debtor to find relief under federal bankruptcy law. The legal process allows you to discharge most debts that you are unable to pay while also providing payments to those creditors who are of a higher priority than others.
Chapter 7 bankruptcy is the most common form of bankruptcy filed by individuals since it provides the opportunity to pay off debts through the liquidation of assets. When you file for bankruptcy, a trustee appointed by the bankruptcy court will sell any non-exempt assets. The money from these sales will then be used to pay off creditors. Debts that cannot be paid off via liquidation of your assets will be discharged. Discharge means that you are released of all personal responsibility for that debt and that the creditor cannot continue with any collection efforts.
Before you file for bankruptcy, a Chapter 7 bankruptcy attorney near you can help you determine if you qualify. Eligibility is determined via a means test, which requires that your income is less than a certain amount or else prove that your disposable income is not enough to pay off your debts.
California requires that you follow state exemption laws when you file for Chapter 7 bankruptcy and has two exemption systems from which to choose. Typically, the assets you don’t need for support or maintenance will be liquidated to pay your creditors. This means that you will likely be allowed to keep most of your property up to a certain value. Generally, assets that are included within the exempt category include:
To initiate a bankruptcy proceeding, you will consult with an attorney who will complete and file documents such as the petition and your lists of assets and creditors on your behalf. Additionally, you will be required to provide proof of income and expenses as shown by your income tax returns and pay stubs. You will also be required to complete a credit counseling course. Once the petition is filed, the court will issue an automatic stay. This order prohibits creditors who are listed within filed documents from pursuing the collection of debts.
After you’ve filed your petition and the court assigns the bankruptcy trustee, the trustee will hold a meeting of creditors. The meeting will be the time at which the trustee will ask you questions about your debts in the presence of creditors. The trustee will then sell the assets to be liquidated and pay your creditors. To have your debt discharged, you must also complete a bankruptcy course and provide proof of completion with the court.
If you need help deciding whether Chapter 7 bankruptcy is right for you, the attorneys at Miranda, Magden, & Miranda, LLP are here to help you begin the Chapter 7 bankruptcy process to discharge the debts that you are unable to pay. Schedule a consultation by visiting our website 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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