Bankruptcy is extremely complex, and the help of an experienced attorney with experience in bankruptcy law will be beneficial for those individuals who are considering filing for bankruptcy. Never hesitate to contact Monterey County bankruptcy attorneys for help.
Bankruptcy is governed by Title 11 of the United States Bankruptcy Code. It is the legal process that provides relief to individuals who owe debts, known as debtors, that they are unable to pay. The bankruptcy process may also provides payments to creditors.
Once an individual files a petition for Chapter 7 bankruptcy with the federal bankruptcy court, an automatic stay is issued by the court. The automatic stay stops all creditors listed in the petition from attempting to collect on debts until the court lifts the stay.
Chapter 7 bankruptcy is the most common form of bankruptcy filed by individuals. Also known as liquidation bankruptcy, it is the process by which the bankruptcy court sells your unexempt assets and property, if any, for cash. Any cash generated from the sales is then provided as payment for debts to the individual’s creditors.
Not all (sometimes, any) of a debtor’s assets will be sold to pay off creditors, many assets can be exempt from liquidation. California requires that its residences filing for bankruptcy follow state exemption laws. Assets that are exempt from liquidation are those that are needed for the debtor to continue supporting and maintaining himself, including:
Once you file for bankruptcy and the court determines you are unable to pay your debts and sells non-exempt assets to pay creditors, the debtor’s remaining debts are discharged. This releases the debtor from personal responsibility for certain debts and prohibits creditors from continuing collection efforts.
Some debts cannot be discharged in Chapter 7 bankruptcy. These debts include:
To initiate a bankruptcy proceeding, the debtor’s attorney will gather and complete necessary documents such as the petition, the schedule listing assets, income tax returns, pay stubs, and a list of creditors.
The debtor will complete credit counseling and file necessary documents with the court. This can be done by the debtor’s bankruptcy attorney, who will file the documents in the federal court in the appropriate district. A bankruptcy trustee will sell non-exempt assets and pay creditors who are of the highest priority. Lastly, the debtor will complete a bankruptcy course and file the certificate of completion with the court. Upon completion of these steps, a debtor’s remaining debts will be discharged.
If you need help navigating the complex process that is Chapter 7 bankruptcy, the attorneys at Miranda, Magden, & Miranda, LLP can help. Our attorneys understand the specialized law of bankruptcy and will offer professional advice based on your circumstances. Schedule a consultation by visiting our website today.
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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