As a constitutionally protected right, bankruptcy can do some pretty powerful things. It can:
Almost certainly no. The assets you can protect are determined by state law and California is one of the most generous states in this respect. The vast majority of people filing bankruptcy in California fall below the state-granted protection limits and do not have to worry about losing a thing.
Further, even if you do go over the asset limit, you always have the choice to do a Chapter 13 Bankruptcy which would allow you to keep the asset (e.g., equity in your home) by paying back its value into the bankruptcy plan over a period of three to five years. In addition, almost all IRS-approved retirement accounts are fully protected by California law. Did we answer your question about Bankruptcy?
If your house is worth less than what you owe on your first mortgage, you may be able to eliminate your 2nd mortgage completely. This process is called “lien stripping,” and it can be a major advantage of federal bankruptcy law protection for you and your family. Did we answer your question about Bankruptcy?
There is a specific section of the bankruptcy code which allows you to eliminate involuntary liens against your house. These types of liens occur when a creditor has sued you, received a judgment against you in court, and then recorded this judgment against your property. Did we answer your question about Bankruptcy?
Yes. A bankruptcy filing creates a court-ordered automatic stay which will prevent your home from being foreclosed on. Did we answer your question about Bankruptcy?
If you are in difficult financial straits, and you have lost your home or have not been paying on your credit cards, chances are your credit is already damaged. In cases like this, Bankruptcy may actually be the quickest way to repair your credit score by wiping the slate clean so you can start rebuilding your financial health.
Though a Chapter 7 Bankruptcy will remain on your credit report for 10 years, your credit will rebuild much quicker than that since you will no longer have those debts dragging your score down. In general, our clients have been able to receive credit cards in 4 to 6 months, buy cars in 1 to 2 years, and buy a house 3 years after finishing their Bankruptcy process. Following your successful debt discharge, we stand ready to inform you of actions you can be taking to help repair your credit score and are happy to review your annual credit report with you. Did we answer your question about Bankruptcy?
Yes. When you are able to buy a house again is related to when the government will begin backing your mortgage loans again. Currently, people are able to purchase a house in as short as 3 years of completing their bankruptcies. Did we answer your question about Bankruptcy?
Yes, anyone residing in the United States may seek relief under the Bankruptcy Code, even if they are not U.S. Citizens or Legal Permanent Residents. Further, if you have other questions about immigration matters, one of our immigration attorneys will be happy to help with any immigration issues. Contact us today to schedule a consultation.
No. One spouse can choose to file for Bankruptcy alone and this, with some planning, will have no bearing or effect on the other spouse’s credit score. If you do choose to file with your spouse though, you have the right to file a joint case saving you from having to pay extra filing fees and attorney costs for two cases. Did we answer your question about Bankruptcy?
If you have assets and debts acquired during your marriage, then Bankruptcy may affect the issue of property division within your divorce proceeding. Fortunately, Miranda, Magden & Miranda also focus on Family Law matters. We recommend you reach out to our family law attorney for a consultation.
Yes. If you co-signed on a car or line of credit for a relative or friend and they did not continue to pay for it, the creditor can come after you for the debt. A bankruptcy filing can eliminate this type of debt. Did we answer your question about Bankruptcy?
You can amend your list of creditors any time during the Bankruptcy to include a creditor you may have forgotten to list when you first filed. Additionally, current case law for California (In Re Beezley) states that in a Chapter 7 Bankruptcy, no-asset case, every dischargeable debt you owed before the Bankruptcy was filed is erased even if it was not listed. Did we answer your question about Bankruptcy?
No, you should not. Between 2008 and 2013, there were 7,703,444 bankruptcy filings in this country. Chances are someone close to you has already filed for bankruptcy and you just don’t know it. The laws of bankruptcy exist to ensure that there is a way for honest and hardworking people to begin again if life’s circumstances make it impossible for them to climb out of debt. Did we answer your question about Bankruptcy?
You can eliminate certain types of taxes in Bankruptcy. The general rules are that the overdue tax must be at least 3 years old, the tax returns must have been filed at least 2 years before, and the governing tax agency must have assessed the taxes at least 240 days before the Bankruptcy is filed. The timing of the Bankruptcy filing is critical in cases involving tax debt so be sure to speak to an attorney regarding your tax issues. Did we answer your question about Bankruptcy?
Try here, or contact our firm for a point in the right direction. We look forward to evaluating your financial options and helping you reach the better days ahead.
Miranda, Magden & Miranda, LLP is a designated Debt Relief Agency. We help consumers file for relief under federal bankruptcy laws designed to protect people like you.
If you’re looking to file bankruptcy or have questions, our experienced bankruptcy lawyers can help. Schedule a consultation today to learn more.
Patricia has been so helpful and provided excellent service. My husband and I are so grateful for all the help she has provided to help me immigrate to the United States. We really could not have gotten through it without her help. A big thank you to Patricia\'s assistant, Ingrid as well for always being prompt with responses and helping us get all the paperwork ready at each stage. I highly recommend Patricia for anyone who needs immigration help.
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..
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