Monterey County Bankruptcy Lawyers

Monterey County Bankruptcy Lawyers

For some individuals and families, simply paying their monthly bills is difficult, never mind all of the debts they have amassed. It’s undoubtedly crucial to keep paying your living expenses before trying to shrink your debts. Although, doing so can lead to a myriad of severe consequences such as foreclosures, repossessions, poor credit scores, lawsuits, garnishments, and bank levies. How are people in this situation supposed to pay down their debt?

Sometimes, the answer is not paying it down but discharging it through a Chapter 7 bankruptcy. Filing bankruptcy with the help of a knowledgeable Monterey County bankruptcy attorney from our firm could be the first step to a better and more secure financial future. 

Understanding Chapter 7 Bankruptcy

Filing a chapter 7 bankruptcy, commonly referred to as liquidation bankruptcy, lets the debtor liquidate all nonexempt property and be legally out from under most of their debts within three to six months. For many debtors, all of their assets will be exempt from liquidation. This means they will not have to hand over any of their property to their assigned trustee to sell to pay for whatever debts they can.

The first step to the bankruptcy process is to meet with a Monterey County bankruptcy attorney. Your attorney can make sure that you are eligible to file and let you know what to expect. They can answer your questions and address your concerns.

You will likely qualify to file a Chapter 7 bankruptcy if:

  • Your debts are more than 50 percent your yearly income
  • It would take at least five years to pay off your debt, even if you took extreme measures
  • Your debt interferes with other vital facets of your life, such as relationships and sleep
  • You have little to no disposable income
  • Your monthly income is below the median level in California

Why You Need a Monterey County Bankruptcy Lawyer

As with most legal issues, filing bankruptcy without the legal assistance of a Monterey County bankruptcy lawyer can cause problems. Bankruptcy laws and petitions are complicated, and having a lawyer on your side who is familiar with the laws and processes can help you have the best outcome possible. 

Messing up on your petitions or making other mistakes could delay the discharge of your debts or even cause your filing to be thrown out by the trustee or the court. When you work with an attorney, you can be assured that you meet all of the requirements for a chapter 7 bankruptcy and have filed the correct petitions with accurate information.

Do You Need Help with Your Debts? Call a Seasoned Monterey County Bankruptcy Lawyer Today

The attorneys at Miranda, Magden & Miranda, LLP, know how difficult financial burdens can be on individuals and families. They offer compassionate yet professional bankruptcy services to help you through this challenging time. We help bankruptcy clients in the counties of Monterey, Santa Cruz, San Benito, and Santa Clara and in the U.S. Districts of Northern and Eastern California. Schedule your private consultation with an experienced Monterey County bankruptcy attorney by contacting us.


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