Consumer Bankruptcy Lawyers in Culver City, 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 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 Culver City, California before you file.
Chapter 7 Bankruptcy in Culver City, California
There are 2 typical forms of consumer bankruptcy in Culver City, California: Chapter 7 and 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is excused. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.
Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Culver City, California.
Chapter 13 Bankruptcy in Culver City, California
Chapter 13 bankruptcy in Culver City, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.
Find a Culver City Lawyer that Specializes in Your Area of Need:
Which Type of Consumer Bankruptcy Should I File in Culver City, 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.
Whatever your situation, you should speak with a local Culver City, 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.
Consumer Bankruptcy Attorneys in the Largest CA Cities
Life in Culver CityCulver City, California is located in the western portion of Los Angeles County. The city has a population of about 39,000 people. It is famous for being a center for television and motion picture production, as it was home to MGM Studios. Today, MGM Studios is now Sony Pictures Studios and produces many films and television shows. Culver City's motto is "the Heart of Screenland".
Sony Pictures Entertainment is the top employer in Culver City, California. In addition to the Sony studios, Culver City is home to other major production companies like Culver Studios and the NFL Network. The list of motion pictures produced in Culver City includes films such as The Wizard of Oz, Grease, City Slickers, and Air Force One. Some television shows made there have included Jeopardy! and Lassie. Many celebrities have lived in Culver City, like actress Drew Barrymore, singer/songwriter Jackson Browne, and actor Jack Black.
Culver City California is also known for its many different events and attractions. For example, residents can enjoy the Ballona Creek bicycle path, the Culver Ice Arena, and the Culver City Symphony Orchestra. The Kirk Douglas Theater is also a popular destination. Visitors can take the Sony Studios tour or the town's Historic Walking tour.
Lawyers in Culver City, California represent a diverse body of clients, organizations, and companies. Culver City lawyers often handle claims that are complex in addition to simpler claims. Experienced attorneys in Culver City provide a wide range of legal services for the community.