If you are struggling under the burden of debt, it is time to learn a little bit about Chapter 7 bankruptcy. Chapter 7 bankruptcy is a powerful legal tool that allows you to legally discharge debt and get a fresh start in your personal finances. Learn more about the pros and cons of Chapter 7 and what a Hollister Chapter 7 bankruptcy attorney can do for you.
There are many different types of bankruptcies. Some are for businesses or farms, while others are for individuals. Bankruptcy cases filed under Chapter 13 require the debtor to follow a payment plan that will repay part of their debts. Chapter 7 is often the best option for individuals or married couples who want to file bankruptcy. If your income qualifies you for this type of personal bankruptcy case, you will not have to make payments over a period of several years under a court’s repayment plan. Instead, your debts will be discharged when your case is successfully processed, and you will be able to get a new start more quickly.
Many debtors are worried about the effect that a Chapter 7 bankruptcy will have on their credit. It is true that bankruptcy cases are reported to the credit bureaus for a period of ten years after filing. But this does not automatically preclude you from any financial services. These decisions are made on a case by case basis, and some financial institutions are willing to work with borrowers who have a bankruptcy on their credit report. It is also important to consider the alternative. If you do not file for bankruptcy, and instead carry unpaid debts on your credit report indefinitely, this will also have a negative impact on your credit rating. In many cases, the effect of continued bad debt is worse on a credit report in the long run than the temporary effects of a bankruptcy.
Some debtors might have other options besides Chapter 7 bankruptcy, but in many cases, these alternatives are not as effective. As discussed, a Chapter 13 bankruptcy requires repayment. If you do not make payments under the plan for several years, none of your debts will be discharged, and you are left back where you started.
Other debtors try to negotiate payments or cash buyouts with their creditors. While some will accept less than the total amount owed if you are able to make a fast cash payment, this is entirely at the discretion of the creditor, and it does not always solve your financial problems. You might stop payment to one creditor in order to pay another – and so on, without any real relief from your debt. A bankruptcy attorney can help explain these options, so you will know if Chapter 7 is best for your particular situation.
If you are burdened by debt, the experienced bankruptcy lawyers at Miranda, Magden & Miranda, LLP, are here to help. Contact us to schedule a consultation.
Patricia has been so helpful and provided excellent service. My husband and I are so grateful for all the help she has provided to help me immigrate to the United States. We really could not have gotten through it without her help. A big thank you to Patricia\'s assistant, Ingrid as well for always being prompt with responses and helping us get all the paperwork ready at each stage. I highly recommend Patricia for anyone who needs immigration help.
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..
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