Monterey Bankruptcy Attorney

Monterey Bankruptcy Attorney

There are millions of people across the United States who are struggling to pay their bills each month. Once you fall behind on payments, it can be very difficult to catch up again. If you experience unexpected unemployment, you might need to rely on credit cards for basic expenses, only causing the debt to pile up more. If you or a family member suffers an unexpected medical condition, you could face thousands and thousands of dollars in medical bills, even with insurance. 

The good news is that you do not have to live with crushing debt. Instead, contact a Monterey bankruptcy attorney for assistance. 

How Bankruptcy Can Help

Many people are anxious about filing for bankruptcy, as they believe that it will ruin their credit forever or represent some type of personal failure. In reality, bankruptcy is a legal process that allows people to obtain a fresh financial start, and many people who file for bankruptcy are in a much better financial position than they were prior to filing.

The primary benefit of filing for bankruptcy is the discharge of debt. When debts are discharged, it means that the debtor is under no legal option to pay them back. Some of the more common debts that can be discharged in bankruptcy include:

  • Credit card debt
  • Medical bills
  • Personal loans
  • Civil judgments
  • Certain tax debts
  • Auto loans
  • Utility bills
  • Past-due rent

Another benefit of filing for bankruptcy is the automatic stay, which takes effect the moment you file. The automatic stay prevents your creditors from taking any collection actions against you while your bankruptcy case is pending. This means that as soon as you file, all the phone calls, letters, and other collection attempts will soon cease. In addition, any lawsuits, foreclosures, or attempts at repossession must stop as well.

How Does Bankruptcy 7 Work?

In Chapter 7 bankruptcy, all of your non-exempt assets will be liquidated by the bankruptcy trustee before you can obtain a discharge of your debts. This means that any assets that are not covered by an exemption can be seized and sold off in order to pay off your creditors. Fortunately, there are significant exemptions for various categories of property, including real estate, vehicles, work tools, bank accounts, and others. In fact, most Chapter 7 bankruptcies are  “no-asset” bankruptcies, which means that the person who filed did not have any non-exempt assets reachable by the trustee. This means that they were able to obtain a discharge of their debts without having to give up any of their personal assets.

Learn More from a Monterey Bankruptcy Attorney Today

If you are in debt and do not see a way out, bankruptcy may be able to help. To speak with an experienced bankruptcy lawyer in Monterey, call Miranda, Magden & Miranda, LLP, or contact us online. 


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