Consumer Bankruptcy Lawyers in Costa Mesa, California

Find the right Consumer Bankruptcy attorney in Costa Mesa, CA

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 Costa Mesa, California before you file.

Chapter 7 Bankruptcy in Costa Mesa, California

There are 2 typical forms of consumer bankruptcy in Costa Mesa, 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 Costa Mesa, 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 Costa Mesa, California

In Costa Mesa, 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 absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Costa Mesa, 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.

In any case, you should talk with a local Costa Mesa, California bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Costa Mesa

Costa Mesa, California is a city in Orange County. Its population is currently 110,000 people.

Costa Mesa, California was founded in 1953. It was primarily a rural community at its founding, and it gradually transitioned into a suburban "edge" community with a strong economy based on commerce, retail, and light manufacturing.

The largest commercial center in Costa Mesa is the South Coast Plaza, a shopping center of over 300 stores. It is known for its unique architecture and large size. Consumers spend well over 1 billion dollars per year, providing a major driving force of Costa Mesa's economy. The owners of the shopping center typically need legal representation when negotiating and finalizing lease agreements with tenants. The owners, as well as prospective tenants, employ or retain large numbers of Costa Mesa, California attorneys.

If you need to find legal advice in Costa Mesa, California, you should start by seeking out a qualified attorney in Costa Mesa. A Costa Mesa lawyer can probably help you with whatever legal issue you may be facing.

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