Chapter 7 bankruptcy is commonly referred to as “liquidation bankruptcy,” since some people must give up certain property and assets to be liquidated by the bankruptcy trustee as part of the process. However, this does not mean you will lose all of your property, as many people fear might happen. In fact, some filers are able to keep most if not all of their property with the help of a skilled California bankruptcy attorney. You should not hesitate to call Miranda, Magden & Miranda, LLP, to discuss the implications of a possible bankruptcy case today.
The good news is that the law does not aim to take everything away from Chapter 7 bankruptcy filers. For this reason, the law sets out exemptions that you can apply to protect certain property and assets. In California, you must use the exemptions set out by state law, as our state does not allow you to use federal exemptions.
California has two sets of exemptions you can choose between, and System 1 (also known as 704 exemptions) can protect:
System 2 (known as 703 exemptions) is not permitted in every bankruptcy court. Your attorney can advise you whether using System 2 is a possibility and whether it would be beneficial to your case. System 2 exemptions include:
As you can see, California law allows you to protect a significant amount of property and assets, so you should not worry that you will lose everything if you seek financial relief through Chapter 7 bankruptcy. The legal team of Miranda, Magden & Miranda, LLP is ready to help, so please contact us today for more information.
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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