Find a Bankruptcy Lawyer in Camarillo, California
In Camarillo, California, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 proper 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 possible benefits.
Accordingly, you should speak with a good Camarillo, California bankruptcy lawyer. Your Camarillo bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.
Find a Camarillo Lawyer that Specializes in Your Area of Need:
Types of Bankruptcy in Camarillo, California
There are 3 bankruptcy options that are commonly used in Camarillo: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Camarillo, California are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
The other form of bankruptcy most often used in Camarillo is Chapter 13. It allows a person to pay off their debt over a prolonged period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
A main 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 Camarillo Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Camarillo is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Camarillo bankruptcy attorney.
43 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Camarillo
Bankruptcy Attorneys in the Largest CA Cities
Life in CamarilloSituated in sunny Ventura County, Camarillo, California is a city of about 65,000 (based a 2006 estimate). Camarillo, California is named for two brothers of Spanish descent who lived in the area before the arrival of Anglo settlers, from the Eastern U.S. They, and other "Californios," helped preserve some of the region's Spanish heritage, in the face of the mostly English influence that settlers from other parts of the U.S. brought with them.
Humans have lived in the area for over 10,000 years, and Camarillo, California is home to some important archeological sites relating to these ancient inhabitants. Camarillo, California is generally considered a "bedroom community" - a largely residential urban area from which most of the residents commute to work.
Camarillo, California is considered very livable, where the weather is usually sunny, and the temperatures mild. Furthermore, Camarillo, California's crime rates are far lower than the national average, for all types of crime.
Camarillo, California is also home to California State University, Channel Islands. The region is home to several major industrial and biotechnology firms.
It should come as no surprise, then, that the consumers of Camarillo's legal services tend to be fairly sophisticated. This draws in lawyers who are good at handling complex cases. This means that a Camarillo, California lawyer can probably handle just about any legal issue an individual is likely to encounter.
Whatever your legal issue, it's a near certainty that there's a Camarillo, California lawyer who can help you solve it.