If you are struggling financially and feel like there is no way to escape your debts, filing for bankruptcy might be the right option for you. Depending on the level of debt and type of bankruptcy filing, you may even be able to keep your car and your home. The experienced bankruptcy attorneys at Miranda, Magden & Miranda have helped many clients in Salinas discharge their debts through filing for bankruptcy and are here to advise you on the best way forward to a new financial start.
Individuals have two main options for filing for bankruptcy, Chapter 7 and Chapter 13. Under Chapter 7 bankruptcy, a person may need to liquidate any nonexempt property to pay his or her creditors. 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 but our attorneys will make sure to walk you through the financial analysis to make sure the numbers add up to a good decision for you.
Under Chapter 13 bankruptcy, a person filing may be able to keep his or her home and car, even if they are in arrears on these assets, by restructuring debts to pay off the creditors. In order to qualify for Chapter 13 bankruptcy, the debtor is only allowed to owe so much in secured and unsecured debt and must be earning an income in order to pay back some creditors over a period of time, usually three to five years. Chapter 13 separates all creditors into three tiers known as priority, secured, and unsecured creditors. Payments are made according to the approved Chapter 13 plan, approved by the court, and unsecured debts are paid last or often are discharged.
Under both Chapter 7 and 13 bankruptcy, the debtor must file considerable documentation with the bankruptcy court and go through mandated credit counseling before and after filing. However, once the bankruptcy process is complete, the debtor is no longer liable for any remaining obligations owed to creditors and can start to rebuild his or her finances, debt-free.
Unlike other states, in California a person who files for bankruptcy chooses between two lists of property exemptions. Couples are not allowed to double exempt their property; as a pair they must choose one list of exemptions to apply to their property.
Both lists provide exemptions under the following categories: homestead, motor vehicle, personal property, retirement and pensions, public benefits, tools of the trade, insurance, and other miscellaneous categories. Exemption System 1 also provides exemptions for miscellaneous items such as business or professional licenses, trust funds of inmates, and property of a business partnership. Exemption System 2 also provides exemptions for alimony and child support and a “wildcard” category for any unused burial or homestead amounts.
If you are considering filing for bankruptcy in Salinas/Hollister/Marina….but are not sure where to begin, our experienced bankruptcy attorneys are here to help. Call the office or contact us today at Miranda, Magden & Miranda to speak with one of our expert bankruptcy attorneys today about your case.
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..
Last year, I had just moved in the area and needed a family law attorney for a custody case. The process of finding/choosing an attorney could be daunting. However, when I went in for my first consultation with Levi my stress level was immediately mollified. He was personable, which made me feel comfortable to discuss my personal matters freely. I had a lot of questions of the legal process that would take place and he took the time to explain everything with meticulous detail. More importantly, when I called Levi he returned my phone calls in a timely/professional time frame...
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