Information You Might Need for Your Chapter 7 Case
If you are faced with a significant amount of debt, a Chapter 7 bankruptcy may be the right solution for you. If you file for Chapter 7, you have an opportunity to have your debts cleared and begin your financial journey anew. However, in order to have your best chance of success, it is important to understand the basics of what a Chapter 7 bankruptcy is all about – and more importantly – to have an experienced attorney on your side representing you throughout the process.
The experienced California Chapter 7 bankruptcy attorneys at Miranda, Magden & Miranda, LLP, can discuss your financial circumstances with you and help you decide if Chapter 7 might be a worthwhile option. If you decide to file for Chapter 7 bankruptcy, we will explain every step of the process and can represent you at all legal proceedings.
General Facts About Chapter 7 Bankruptcy Proceedings
Chapter 7 bankruptcy can be a difficult process, and having an experienced attorney on your side representing you is extremely important. For starters, a Chapter 7 bankruptcy can involve liquidating your assets. Specifically, in some of these bankruptcies, creditors are paid from sale proceeds of certain nonexempt assets that belong to the debtor. The majority of the debts that are then left over are typically discharged.
A good Chapter 7 bankruptcy lawyer will help you to hold on to as many of your assets as possible and avoid liquidation of those assets. Many Chapter 7 filers have no assets liquidated during the bankruptcy process. Further, there are certain assets that are exempt from Chapter 7 bankruptcy proceedings. Those exempt assets generally include the following, among other exceptions:
- Clothing and other personal items
- Appliances, furnishings, and other household goods
- Insurance policies
- Equity in a motor vehicle
- Personal injury and workers’ compensation income
- Retirement plans
A California Chapter 7 bankruptcy attorney will work to minimize the risk of liquidation of your assets during the Chapter 7 bankruptcy process.
General Facts about Non-Dischargeable Debts
The federal bankruptcy code lists several types of debts that are non-dischargeable in bankruptcy. Some common examples of non-dischargeable debts include child support arrears, alimony payments, certain personal injury debts, student loans, criminal restitution, and some types of tax debt.
An experienced California bankruptcy lawyer will be able to let you know if one or more of your outstanding debts is not dischargeable in bankruptcy and will help you determine whether your remaining dischargeable debts, taken in context with your complete financial situation, still make Chapter 7 a beneficial and effective solution.
Talk to a California Chapter 7 Bankruptcy Lawyer Today
Chapter 7 bankruptcy proceedings are not the right choice for everyone, and there are significant advantages and disadvantages which are associated with the process. If you are thinking about filing for Chapter 7 bankruptcy, the experienced legal team at Miranda, Magden & Miranda, LLP, can help you weigh your legal options and decide if Chapter 7 bankruptcy is right for you, given your financial circumstances and outstanding debts.
For a legal consultation or case evaluation with an experienced California Chapter 7 bankruptcy attorney, please contact us online today for more information.