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Monterey County Bankruptcy Attorney

If you are feeling overwhelmed by your current financial situation, filing for bankruptcy may be the right relief for you. Although no one wants to have to declare bankruptcy, it can be a good way to discharge your debts so you can restart your financial life. At Miranda, Magden & Miranda, our bankruptcy attorneys provide personalized assistance and legal expertise for every one of our clients going through the bankruptcy process. If you are considering filing for bankruptcy, we are able to advise which type of bankruptcy filing may be right for you and help you evaluate if this is the best way to get back on your feet.

Different Types of Bankruptcy Filings

Chapter 7 and Chapter 13 bankruptcy filings are available to individuals suffering from significant debt. Chapter 7 bankruptcy is the also known as a liquidation bankruptcy because all assets that are not exempt are collected and sold to pay off creditors’ 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. There is no minimum or maximum amounts of debt in order to qualify for Chapter 7.

Chapter 13 bankruptcy differs from Chapter 7 in that the purpose is to reorganize debts in a way that will allow for the debtor to pay off some or all of their creditors over a three- to five-year period. This type of bankruptcy is similar to a consolidation loan, where payments are sent to a trustee who then distributes the money to creditors based on a tiered system. In order to qualify for Chapter 13 bankruptcy, the debtor must have less than $394,725 in unsecured debts and $1,184,200 in secured debts. The debtor must also submit a repayment plan along with all other documentation to the court, but once the repayment period is complete, the debtor is not held accountable for any remaining debts.

A Bankruptcy Lawyer Can Help

A bankruptcy attorney can help you navigate the complicated process of filing for bankruptcy in Monterey County or nearby area. A lawyer can ensure that you meet the qualifications of the type of bankruptcy you are filing for and that it is the right type of bankruptcy for your situation. An attorney also can make sure that all of the proper documentation is filed with the bankruptcy court and serve as a shield between you and creditors until a bankruptcy trustee is appointed by the court. A lawyer can also help identify all exempt property and represent you during the creditors’ meeting after the filing is submitted. Finally, an attorney can ensure that the entire process is completed as quickly as possible in a dignified manner.

Bankruptcy Attorneys are Standing by

If you are confused by the bankruptcy process or wondering if it is the right choice for you in Monterey County, experienced bankruptcy attorneys at Miranda, Magden & Miranda are here to help. Call the office or contact us today to schedule a free and confidential review of your case.

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