Consumer Bankruptcy Lawyers in Buena Park, California
Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is a formation of federal law, and goes through federal courts. Therefore, the process governing bankruptcy in California will be roughly the same as it is everywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Buena Park, California before you file.
Chapter 7 Bankruptcy in Buena Park, California
There are 2 typical types of consumer bankruptcy in Buena Park, California: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.
Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Buena Park, California debts are not dischargeable, you may want to consider options other than bankruptcy.
Chapter 13 Bankruptcy in Buena Park, California
In Buena Park, California, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.
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Which Type of Consumer Bankruptcy Should I File in Buena Park, California
This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.
Regardless of your situation, you should speak with an attorney in Buena Park, California who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.
Consumer Bankruptcy Attorneys in the Largest CA Cities
Life in Buena ParkBuena Park, California has a population of over 80,000 and is located in the northwestern parts of Orange County. The city is nicknamed "the Center of the Southland", due to its central location in the county. Many tourist attractions can be found in Buena Park, most notably the Knot's Berry Farm amusement park.
In Buena Park, many of its famous attractions can be found in the "E-Zone" district. Knott's Berry Farm, Knott's Soak City, and several other popular establishments are situated in the district. The E-Zone is also adjacent to Anaheim, home of Disneyland. Thus, the economy of Buena Park has benefited greatly from the operation of the E-Zone district. Other top employers in Buena Park, California include major companies such as ProLogis and Nutrilite.
Other popular places to visit in Buena Park are its local historic park, the Ralph B. Clark Regional Park, and Los Coyotes Country Club. Los Coyotes Country Club is a world-renowned establishment featuring three unique 9-hole course layouts. Los Coyotes also boasts many of the county's most desirable real estate properties.
Lawyers in Buena Park, California file many of their claims at the Superior Court of California, County of Orange, which is located nearby. Buena Park attorneys assist their clients in a number of different legal claims and issues. Many of them are members of multiple bar associations and legal organizations.