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Monterey Chapter 7 Bankruptcy Lawyer

If you are dealing with crushing debts that deprive you of all your earnings and leave you unable to even get by each month, it might be time to take a good hard look at bankruptcy. It is really not as scary as it sounds. Here in Monterey, the lawyers of Miranda, Magden & Miranda, LLP are devoted to helping people get a fresh start and rebuild their lives debt-free. Give us a call today if you need help getting out of debt.

What is Chapter 7 Bankruptcy?

The U.S. Bankruptcy Code is divided into several parts. There is Chapter 11, which applies to businesses. There is Chapter 13, which helps higher-earning individuals who wish to restructure their debts and pay over time. Then there is Chapter 7, which is considered the most ideal form of bankruptcy, provided you can qualify. In a Chapter 7 bankruptcy, your debts are written off, you get a clean slate, and you start over.

Is Bankruptcy the Right Choice?

Bankruptcy often receives a bad reputation, and many see it in a negative light. That being said, bankruptcy is often the right choice for many who are looking to restructure or erase their debts and move forward with their lives. Generally, you will have your credit score impacted for a period of time. That being said, you will be out of any crushing debt and have the opportunity to start anew.

Keeping Your Home and Vehicles

You do not have to give up everything in a Chapter 7. In fact, California is actually one of the most generous states regarding terms of the exemptions that protect your assets from liquidation in bankruptcy. To be sure, many of our clients at Miranda, Magden & Miranda, LLP have the ability to protect their assets during a Chapter 7 bankruptcy, which ensures they have enough thereafter to move onwards with their lives.

Do You Qualify for Chapter 7?

A Chapter 7 bankruptcy is means-tested, meaning you cannot have too much money or income. First, if you make less than the “median” California household of the same size, then you often qualify. If your last six-months’ income is greater than the median, you move to the next step, which is a bit more complicated. To determine exactly what exemptions you can claim, it is best to speak with an attorney right away. Call Miranda, Magden & Miranda, LLP today.

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