Assisting Clients with Exploring Their Legal Options for Debt Relief and Bankruptcy
When people have incurred large amounts of debt, including mounting medical bills, credit card debt, or student loan debt, for example, they may not know where to turn or what to do – especially when other debt relief options have not worked. In these types of cases, filing for Chapter 7 bankruptcy may provide you the opportunity that you need to wipe away your debt and start rebuilding your credit with a clean slate.
Filing for Chapter 7 bankruptcy is not the right move for everyone. However, the experienced debt relief attorneys in Monterey County at Miranda, Magden & Miranda, LLP, can review your financial circumstances and determine if filing for Chapter 7 bankruptcy may be right for you. Please reach out to us online for more information about how we can help you file for Chapter 7 bankruptcy.
Potential Advantages of Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the process by which a debtor’s nonexempt assets are liquidated – or sold – and the proceeds of the sale go to the debtor’s creditors. There are several potential advantages associated with filing for Chapter 7 bankruptcy. One advantage is that following a liquidation sale, most – if not all – of your remaining debts may be subject to discharge.
Another potential advantage is that there are certain assets that a person may have that are exempt from Chapter 7 and that the debtor may be able to keep. Those assets typically include clothing and other personal belongings, jewelry, equity in a motor vehicle, household furnishings, appliances, retirement assets, insurance policies, and personal injury and workers’ compensation case income.
When you hire an experienced debt relief lawyer in Monterey County, he or she will work hard to help you keep as many of your assets as possible.
Disadvantages of Chapter 7 Bankruptcy Proceedings
Although there are some advantages associated with Chapter 7 bankruptcy proceedings, there are certain detriments as well. First, filing for bankruptcy can do significant damage to your credit, and it will take time for you to rebuild your credit (although you will be doing so with a clean slate).
In addition, there are some types of debts that a person may incur that are not subject to discharge in bankruptcy (called non-dischargeable debts). Those debts include child support and alimony liens, tax liens, certain personal injury debts, student loans, and certain criminal restitution debts, among others.
Contact a Debt Relief Attorney in Monterey County Today
Given the complicated nature of Chapter 7 bankruptcy cases, it is important that you have experienced legal counsel on your side every step of the way, in the event you decide to file for Chapter 7 bankruptcy.
The experienced attorneys at Miranda, Magden & Miranda, LLP, can assist you with each and every step of your debt relief plan, including possible Chapter 7 bankruptcy proceedings. For a legal consultation or case evaluation with an experienced debt relief attorney in Monterey County, please contact us online today for more information.