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.
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.
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.
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.
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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