Helping Residents of Greenfield Explore Debt Relief Options Through Bankruptcy
Many people who acquire significant consumer debt, such as through credit cards, feel trapped and do not know where they should turn next. Although Chapter 7 bankruptcy is not the right option for everyone, it can offer people an opportunity to discharge a significant amount of their debt and start their financial lives anew.
If you are thinking about pursuing Chapter 7 bankruptcy as an option for debt relief, it is very important that you first speak with a knowledgeable attorney. A lawyer can review your financial circumstances with you and help you decide if filing for Chapter 7 bankruptcy might be the best option for you. The Greenfield debt relief lawyers at Miranda, Magden & Miranda, LLP, can assist you throughout every aspect of the decision-making process and Chapter 7 bankruptcy proceedings. Please reach out today to learn more about how our office could assist you with your legal needs.
Chapter 7 Liquidation Proceedings
A chapter 7 liquidation proceeding involves selling a person’s nonexempt assets in order to satisfy debts that an individual owes to one or more creditors. Once the assets are sold, and the creditors are paid, any remaining debts owed may be subject to discharge.
The assets that may be sold as part of Chapter 7 bankruptcy proceedings are known as nonexempt assets. However, there are certain categories of assets that may not be subject to sale as part of these proceedings. Assets that may be exempt from sale in a Chapter 7 bankruptcy proceeding include the following:
- Household appliances
- Household furniture and other furnishings
- Retirement plans
- Personal items, including jewelry and clothing
- Income recovered from a workers’ compensation case
- Income recovered from a personal injury case
- Equity held in a motor vehicle
- Certain types of insurance policies
Although some types of debt, including consumer credit card debt, may be discharged via a Chapter 7 bankruptcy proceeding, there are certain types of debt that do not qualify for discharge by way of a Chapter 7 bankruptcy. Those types of debts include the following:
- Some types of criminal restitution
- Personal injury debt
- Student loan debt
- Child support debt
- Alimony arrears
How an Experienced Attorney Can Help
There are many ways that an experienced Greenfield debt relief attorney can help. First, a lawyer can help you decide whether a Chapter 7 bankruptcy proceeding is right for you, given your debt situation and financial circumstances. Your attorney can also explain the entire bankruptcy process from beginning to end and make sure that you are aware of everything that is going on at all times. Finally, your lawyer can work to help you keep as many of your assets as possible and limit the number of assets that need to be sold in order to satisfy your creditors.
Speak to a Greenfield Debt Relief Lawyer about Your Financial Situation Today
When it comes to Chapter 7 bankruptcy proceedings, the experienced legal team at Miranda, Magden & Miranda, LLP, is here to help. For a legal consultation or case evaluation with an experienced Greenfield debt relief attorney, please contact us online today for more information.