Assisting Residents of Salinas, California with Their Chapter 7 Bankruptcy Cases
People who are in significant amounts of debt often become overwhelmed quickly. Although extended repayment plans and debt reorganization are able to provide some form of relief for debtors, often, they are not sufficient. For individuals who are not able to pay their debts, a Chapter 7 bankruptcy may provide a solution.
If you are in debt and considering a Chapter 7 bankruptcy, the Chapter 7 bankruptcy lawyers in Salinas at Miranda, Magden & Miranda, LLP, are here to help. Our legal team can help you decide if a Chapter 7 bankruptcy filing is right for you. We will explain every step of the process to you and help you do everything possible to keep your assets.
What Does It Mean to File for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy – or liquidation bankruptcy – is a possible solution for individuals who have incurred a significant amount of debt. In a Chapter 7 bankruptcy, non-exempt property, if any, that the debtor owns is sold. The proceeds of those sales are then distributed to the person’s creditor. Most of the person’s remaining debts are then discharged. Many Chapter 7 filers are able to exempt (protect) all their property and have no property sold during the bankruptcy proceedings.
Assets that can be exempt from a Chapter 7 bankruptcy proceeding – and that an experienced attorney may be able to help you keep – include jewelry, clothing and other personal items, household goods (including appliances and furnishings), equity in a vehicle, insurance policies, retirement plans, workers’ compensation/personal injury case income, among other assets, including a wildcard category.
Discharge of Debt
Although certain debts are able to be discharged after non-exempt assets are sold in a Chapter 7 bankruptcy proceeding, some debts are not eligible for discharge. Those debts that are not eligible for discharge include certain types of taxes, child support, alimony, some types of personal injury debts, some types of criminal restitution debts, and educational loans (such as student loans).
Chapter 7 bankruptcy proceedings can be extremely complex. The main role of a Chapter 7 bankruptcy lawyer in Salinas is to help the debtor keep as many of his or her assets as possible while providing the debtor a chance to start again financially. The lawyer’s other duty is to help debtors minimize the number of assets that are able to be liquidated and sold to creditors during the proceedings. Generally speaking, the earlier that you are able to get an experienced attorney involved in your case, the better off you will be.
Speak with a Chapter 7 Bankruptcy Lawyer in Salinas Today
Filing for Chapter 7 bankruptcy is not the right course of action for everyone. However, for many individuals, this type of bankruptcy allows individuals to have a fresh start by eliminating their debts. They then have the ability to work towards repairing their credit with a clean slate.
If you are contemplating filing for Chapter 7 bankruptcy, the knowledgeable legal team at Miranda, Magden & Miranda, LLP, is ready to assist you. We can review your financial circumstances with you and determine if a Chapter 7 bankruptcy might be the best option for you. For a legal consultation or case evaluation with an experienced Chapter 7 bankruptcy attorney in Salinas, please contact us online today for more information.