Most lenders have little patience when it comes to late payments. For example, mortgage lenders typically begin foreclosure proceedings after just two missed payments. This process begins with an acceleration notice, which means the moneylender stops accepting partial payments. So, every month, the homeowner gets further and further behind, even if the homeowner makes the installment payments.
The experienced attorneys at Miranda, Magden & Miranda, LLP, routinely handle bankruptcy matters throughout Central California. At your initial consultation, we review all the legal procedures and answer all your questions. Then, working with you, we set out on a course of action. Then, we stand up for your legal and financial rights all the way to the end of the case.
Much of your consultation revolves around the two major types of consumer bankruptcy, as outlined below.
Many people struggle with credit cards, medical bills, and other types of unsecured debts. These obligations typically involve high-interest rates, extremely fast referrals to debt-buyers, or both. The high interest makes it hard to keep up with debt payments, and collections referrals significantly affect your credit score in a negative way.
Chapter 7 offers a way out. It is also straightforward to qualify for this federal debt relief program. Debtors must simply take a credit counseling class, have an income that is below average for that geographic area, and declare their assets and debts.
After they file their voluntary petitions and financial schedules, the judge discharges most unsecured debts after a brief waiting period. Unsecured debts include, but are not limited to:
Some of these debts are only dischargeable under special circumstances. For example, back income taxes must be at least three years old, and the returns must have been on file for at least two years. Additionally, student loans are sometimes dischargeable if the debtor has an “undue hardship,” a phrase that has a specific legal meaning.
In both Chapter 7 and Chapter 13 cases, the Automatic Stay usually takes effect as soon as debtors file their paperwork. Section 362 of the Bankruptcy Code prohibits any form of adverse action, even if the underlying debt is nondischargeable. Some common types of creditor adverse action include:
In Chapter 13, the Automatic Stay lasts up to five years. The protected repayment period gives debtors plenty of time to catch up on past due mortgage payments, auto loan payments, and other secured debt payments. This repayment plan is income-based. Debtors pay what they can afford to pay when they can afford to pay it.
During the protected repayment period, creditors can only overturn the Automatic Stay if they have special permission from the bankruptcy judge. Unless there is an imminent threat to the collateral (e.g., “I’m going to drive my car off a cliff”), the judge is unlikely to grant permission.
Bankruptcy is the best way to combat aggressive creditors who demand instant payment. For a confidential consultation with an experienced bankruptcy lawyer in Hollister, contact Miranda, Magden & Miranda, LLP. We routinely handle matters in San Benito County and nearby jurisdictions. Initial consultations in Bankruptcy are provided free of charge.
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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