For people that have gotten themselves into more debt than they can handle, Chapter 7 bankruptcy can be an excellent option to reduce or even eliminate debt and get a fresh financial start. In many cases, people who file for bankruptcy are in a better financial position than they were shortly after their case completed, allowing them to focus on the future. Filing for any type of bankruptcy is a complicated matter, however, and consumers should be sure to discuss their options with a Salinas Chapter 7 bankruptcy lawyer before making any decisions that could affect their future.
Chapter 7 bankruptcy is a type of bankruptcy in which a debtor’s non-exempt assets are liquidated in order to pay back his or her creditors. For this reason, Chapter 7 is often referred to as “liquidation bankruptcy.” Once the debtor’s assets are liquidated and creditors are paid back, his or her remaining debts are discharged in most cases, meaning that the debtor is no longer under any obligation to pay them back. Some examples of the kinds of debts that can be eliminated through Chapter 7 bankruptcy include:
As a consumer, you should be aware of the fact that there are certain categories of debts you cannot discharge through Chapter 7 bankruptcy. Consequently, you should be sure to consult with a lawyer before you file.
If you are reading this and are concerned that you are going to lose everything if you file for Chapter 7, it’s important to keep in mind that only a debtor’s non-exempt assets are liquidated and that there are generous exemptions available. There are exemptions available for the equity in your home, personal property and bank accounts, vehicles, wages, pensions, and many other categories of assets. In fact, most bankruptcies are “no asset,” which means that the person filing does not have any non-exempt assets that the court can seize.
While there is no rule that prevents people from filing for Chapter 7 bankruptcy without the assistance of a lawyer, it’s not advisable to try and do it yourself. Bankruptcy can affect your life for years, and it’s not in everyone’s best interest to file. That said, for many people who are in debt, filing for bankruptcy is clearly the best decision they can make. In addition, it’s critical that your filings are complete and accurate in order to get the full benefit of Chapter 7. For these reasons, if you are considering bankruptcy, you should speak to an attorney as soon as you can.
At Miranda, Magden & Miranda, LLP, we understand how stressful being in debt can be and work hard to find effective solutions for all of our clients. We will closely review your financial situation and advise you as to whether we believe Chapter 7 or any other type of bankruptcy is right for you. If it is not, we can help you explore other options that could improve your situation. To schedule a consultation with one of our bankruptcy attorneys in Salinas, contact us today.
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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