Salinas Chapter 7 Lawyers

Salinas Chapter 7 Lawyers

After the fourth quarter of 2019, consumer debt in America was $14.15 trillion, as per the New York Federal Reserve. For the 22nd consecutive quarter, consumer debt increased. For numerous reasons, debt can be extremely difficult to overcome. Whether you cannot afford your house, have too much credit card debt, or are never going to be able to pay off your medical debt, bankruptcy might be the logical choice. 

Whether you are drowning in debt, on the verge of losing your home, or simply want a fresh start from your financial woes, it’s time to reach out to a Salinas bankruptcy attorney to discuss your options. 

What is Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy is a legal route to getting out from under most of your debts. It is through this process that the court will determine if you have assets to liquidate to pay your creditors some of what is owed to them. Under the U.S. Bankruptcy Code, some of your assets will be exempt from liquidation. If you have secured debts that you would like to keep, such as a house or a vehicle, you should speak to your Salinas bankruptcy attorney to determine if this makes sense for you. 

Some types of debts do not qualify for forgiveness through bankruptcy. Examples include:

  • Child support and alimony
  • Legal fines, penalties, and restitution 
  • Certain tax debts
  • Debts occurred as a result of your intoxicated driving, usually related to as injuries or deaths
  • Student loans under most circumstances

Is Chapter 7 Bankruptcy Right for You?

A Chapter 7 bankruptcy is a smart choice for many Americans, but it only makes sense under certain circumstances.  A Salinas bankruptcy lawyer can examine the specifics of your financial situation. They can then advise you as to whether filing bankruptcy could help you or not. A Chapter 7 bankruptcy is often a good idea for debtors who:

  • Do not have many assets 
  • Your debts equal more than 50 percent of your yearly income
  • Many of your debts are dischargeable such as medical bills, payday loans, personal loans, or credit card debt
  • Even if you took extreme measures to pay down your debt, it would take you a minimum of five years to pay them off.

It is important to note that filing bankruptcy will go on your credit report. However, in many cases, debtors’ credit scores improve after filing bankruptcy as many of their debts are erased from their records. Your bankruptcy will remain on your credit report for ten years from the date that your bankruptcy was discharged, which is usually about 90 days from the date of filing. 

Call a Knowledgeable Salinas Chapter 7 Lawyer Today

If your debts are causing problems and feelings of hopelessness, reach out to one of our Salinas bankruptcy lawyers today for a free bankruptcy consultation. The attorneys at Miranda, Magden & Miranda, LLP serve clients in the counties of Monterey, Santa Cruz, San Benito, and Santa Clara. We help bankruptcy clients achieve the brighter future they are looking for. If you are ready to find out how bankruptcy could help your financial situation, contact us to schedule your private consultation.


Call Our Office Today

Our experienced family law attorneys at Miranda, Magden & Miranda may be able to help you with your family law, bankruptcy, or immigration case. We serve clients across Monterey, Santa Cruz, San Benito, and Santa Clara counties.


There are laws that allow you to begin again if it becomes impossible for you to climb your way out of debt. Discover whether bankruptcy is right for you.


We provide our clients with experienced immigration lawyers who are knowledgeable of the law and have the diligence to navigate your case.

Family Law

Our attorneys work in Family Law with the firm understanding that, as custody, general family, and divorce lawyers, we are here to support your loved ones’ best interests.

What Our Clients Have To Say

Read the reviews from our happy clients.


Bankruptcy – Immigration – Family Law

We prefer to return your contact directly and promptly by phone. If this is not a safe method of contact, please state so in your message.

  • Schedule a Consultation

  • This field is for validation purposes and should be left unchanged.

Our attorney offices are conveniently located in Monterey and Salinas, California.

© 2022 Miranda, Magden & Miranda. All Rights Reserved. NUVEW | Accessibility Notifications

Call Now Button