There are many reasons why people find themselves in financial debt, and if you find yourself in a situation with no way to pay back your creditors, there are still options available to you. Filing for bankruptcy can give you a fresh start financially, and our bankruptcy attorneys are prepared to help. At Miranda, Magden & Miranda our bankruptcy lawyers pride themselves on providing legal representation in a bankruptcy filing that gets you through the process as quickly as possible with your dignity and reputation still intact.
Individuals are able to file for bankruptcy under either Chapter 7 or Chapter 13 of the Bankruptcy Code, and it is important to understand the differences in order to figure out which is best for your situation. Chapter 7 bankruptcy is also known as a liquidation bankruptcy, and the purpose of this type of bankruptcy filing is to get rid of all unsecured debts. Under this type of bankruptcy, all of the debtor’s nonexempt assets are collected and sold off, or liquidated, to pay creditors back for the debts. However, California is one of the most generous states in terms of the amount and type of exemptions that protect your assets from liquidation in bankruptcy, and most Miranda, Magden & Miranda clients are able to protect their assets throughout the Chapter 7 process, thereby having enough to successfully start their lives over after bankruptcy.
Chapter 13 bankruptcy attempts to reorganize debts in a way that allows the debtor to pay them off over a period of time. Depending on a complicated formula, the percentage that you pay back to your unsecured creditors can vary from 0 percent to 100 percent. In order to file for Chapter 13 bankruptcy, you must be able to prove that you are earning an income to continue to pay off the debts. Chapter 13 bankruptcy allows the possibility of saving your home and vehicle even if you are in arrears, unlike Chapter 7. Chapter 13 bankruptcy separates all debts into three types of claims – priority, secured, and unsecured and then begins paying back debts one tier at a time according to the Chapter 13 Plan approved by the court. At the end of the payment plan time period, any remaining debts are discharged.
Under both Chapter 7 and 13 bankruptcy, the debtor is required to submit a long list of documentation that identifies all assets and debts to the bankruptcy court. Under Chapter 13, a repayment plan must also be filed, but under Chapter 7, this is not necessary. A trustee is appointed to the case, who manages all payments back to creditors. A creditors meeting is held after filing with the debtor, trustee, and creditors to discuss the repayment of debts, approve the plan, and allow the opportunity for creditors to ask any questions.
It is important to note that for both Chapter 7 and 13 bankruptcy, the debtor must go through two credit counseling courses and cannot have filed for bankruptcy within certain time frames prior to the current filing. The debtor also can not have had bankruptcy petition dismissed for willful failure to appear within 180 days prior to the current filing. Chapter 13 bankruptcy also has a ceiling for debt that the petitioner cannot be above, or else the debtor is required to file for Chapter 7 or other relief instead.
If you are considering filing for bankruptcy in Monterey County or the surrounding areas, our bankruptcy attorneys may be able to provide guidance and counsel. Call the office or contact us today at Miranda, Magden & Miranda to discuss your potential bankruptcy filing.
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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