Consumer Bankruptcy Lawyers in Corona, California

Corona 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 Corona, California before you file.

Chapter 7 Bankruptcy in Corona, California

There are 2 typical forms of consumer bankruptcy in Corona, 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 Corona, 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 Corona, California

In Corona, 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 Corona, California

Chapter 13 is typically a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Corona, California bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Corona

Corona, CA is a medium-sized city in Riverside County, California. Its population is approximately 125,000 people. 

Corona was founded in the late 1800s, at the height of the citrus boom in Southern California. It was so successful in this industry that it was once nicknamed "the lemon capital of the world." Modernly, Corona, CA is a bedroom community (a primarily-residential community, the residents of which primarily commute to other cities for their jobs) for the larger cities in the Orange County and Inland Empire regions. Because of its affluent and residential nature, many residents of Corona, CA are highly successful professionals, such as doctors, accountants, and Corona, California lawyers.

In 2002, there was a proposal to turn Corona into its own county. It was drafted and reviewed by several Corona, California attorneys. However, the proposal never got off the ground.

The economy of Corona is dominated by education, healthcare, and other services. One of the largest employers is Watson Pharmaceuticals, which is a large manufacturer of generic medications, and is the 5th largest drug company in the country, by prescription numbers. This company employs many educated professionals, such as engineers and research scientists. On the administrative side, it also employs several lawyers.

If you live in Corona, CA and are facing a serious legal issue, there are many attorneys who practice law in and around Corona, California who will be able to advise you on your legal rights, and your chances of succeed

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