Find a Bankruptcy Lawyer in La Habra, California
In La Habra, California, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a convenient way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the potential benefits.
Accordingly, you should speak with a good La Habra, California bankruptcy lawyer. Your La Habra bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.
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Types of Bankruptcy in La Habra, California
In La Habra, California, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in La Habra, California wil be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
The other common bankruptcy scheme used by consumers in La Habra is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
A major advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a La Habra Bankruptcy Lawyer Help?
Filing for bankrtuptcy in La Habra is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good La Habra bankruptcy attorney.
There are 30 Bankruptcy, Banking and Credit cases posted in La Habra
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest CA Cities
Life in La Habra
La Habra is located in Orange County, California. The city has a lot of history to it because in the 1800s, the area was seen as a natural path to the north. Spanish explorers discovered the area, and Mariano Reyes Roldan was granted the lan. Later, Abel Stearns purchased the land from him. Therefore, many La Habra residents pride themselves over the rich history associated with their properties.Famous residents include Rusty Anderson, Natalie Golda, Cathy Cooper, Richard Nixon, Ann Meyers, Jenna Haze, Jennifer Hanson, Anne Ramsay, and Norma Zimmer. It is not hard to believe that so many well-known people would want to own property in such a beautiful, history-rich area.
Being in Orange County, La Habra is a short drive away from beautiful beaches, many quaint downtown areas with great shopping and dining, and gorgeous properties to admire and/or live in. The wonderful weather of Orange County is an added plus.
Residents also have the luxury of having top-notch firms with excellent attorneys near by. Orange County is home to many firms of all sizes, that practice in all areas of law, and attract and train some of the nation's most brilliant legal minds. Therefore La Habra residents have no tension for any legal need of theirs can be handled well by the legal force in Orange County.
