Consumer Bankruptcy Lawyers in Concord, California

Concord Consumer Bankruptcy Lawyers, CA

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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 creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in California will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Concord, California before you file.

Chapter 7 Bankruptcy in Concord, California

There are 2 typical forms of consumer bankruptcy in Concord, 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 need to be sold.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some types of debt, however, can't be excused in Chapter 7 Bankruptcy in Concord, California. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Concord, California

In Concord, California, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in a adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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Which Type of Consumer Bankruptcy Should I File in Concord, California

Which Bankruptcy type to file under depends heavily on the facts of each distinct case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local Concord, California bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely results, which will help you make a more educated decision.

103 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Concord

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Life in Concord

Concord, California is the largest city in Contra Costa County, California. It has a population of over 122,000 people, making it one of the largest suburbs in the San Francisco Bay Area. 

Concord was founded in 1869, and was originally named "Todos Santos," meaning "All Saints." Adjacent to Concord, California is Port Chicago - a major Navy supply depot. In 1944, it was the site of one of the biggest naval disasters to ever occur on the U.S. mainland. Sailors were loading munitions onto a large cargo ship. 

The munitions on the ship detonated, causing a massive explosion, killing 320 sailors and civilians - most of them African-American. This led to over 200 African-American sailors refusing to load munitions due to unsafe working conditions, resulting in the largest mutiny trial in U.S. Navy history, in which 50 men were convicted. Thurgood Marshall, a lawyer and future Supreme Court justice, sat in on most of the proceedings and claimed that they were prejudiced against the defendants. The men were sentenced to long prison terms, but were released after a few years. These events led to the Navy hastening its desegregation plans, and making efforts to improve working conditions.

Several lawyers from in and around Concord, California were likely involved in these proceedings.

If you live in Concord, California, and are in need of legal advice, the lawyers of Concord, California can help. A Concord, California attorney can probably assist you with virtually any legal issue you're likely to face.

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