When you are struggling to pay debts, it might seem like there is no way to get ahead. However, there are debt relief options available that regularly help consumers overcome medical bills, credit cards, and other costly debts. In some cases, the best solution is to file for Chapter 7 bankruptcy, and the right Chapter 7 bankruptcy attorney in Monterey County can evaluate whether bankruptcy might be right for you.
If you would like to explore your options to regain control of your financial situation, contact Miranda, Magden & Miranda, LLP. Our legal team helps clients obtain a fresh financial start, and we can provide the advice and representation you need.
While you might have a general idea of how the bankruptcy process works, there are often misconceptions about Chapter 7 bankruptcy. An experienced attorney can explain the process to you, so you understand all the implications and benefits of seeking a Chapter 7 case.
Chapter 7 is referred to as the “liquidation” bankruptcy, as some cases require filers to turn over property to the bankruptcy trustee for liquidation. The proceeds will pay down certain debts as much as possible before the court issues a discharge of the remaining qualified debts. However, your attorney will know how to apply available exemptions to protect as much property and assets as possible, and many Chapter 7 filers do not lose anything in the process.
Once the liquidation phase is over, the court can discharge your unsecured debts, which means you will no longer be obligated to pay them. The following debts might be discharged, among others:
By eliminating these debts, you can free up funds to stay current on your nondischargeable debts moving forward.
It is not required that you have an attorney to file for Chapter 7, though there are many benefits of doing so. Our firm regularly assists with the following and more:
An attorney can make the process go as smoothly as possible, eliminating the stress of a legal case for you.
At the law firm of Miranda, Magden & Miranda, LLP, we help clients through every step of the Chapter 7 bankruptcy process. We handle cases in Monterey County and surrounding areas, so please do not wait to contact us for assistance.
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