Consumer Bankruptcy Lawyers in Daly City, California

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

Chapter 7 Bankruptcy in Daly City, California

There are 2 typical types of consumer bankruptcy in Daly 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 forms 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 Daly City, California.

Chapter 13 Bankruptcy in Daly City, California

Chapter 13 bankruptcy in Daly 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 excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

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Which Type of Consumer Bankruptcy Should I File in Daly City, California

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

In any case, you should talk with a local Daly City, California bankruptcy lawyer. Your lawyer 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 Daly City

Daly City, California is a city in San Mateo County. It has a population of about 102,000 people. 

Daly City was founded in the 1770s, when the Spanish first settled California. Later, when Mexico gained independence from Spain, the area now known as Daly City was part of Mexico, until Mexico lost California in the Mexican-American War. It got its current name in the late 1800s, and is named after John Daly, a prominent local businessman and landowner. Daly City, California is known for being one of the only cities in the United States in which a majority of the population is Asian-American.

The economy of Daly City, California is largely based on healthcare, public education, retail, and services. Most of the professionals who live in Daly City, such as lawyers, work in the larger cities nearby. However, there are still many lawyers who practice within Daly City, and specialize in serving Daly City residents.

If you live in Daly City and are in need of legal services, it's almost certain that there is a Daly City, California attorney who can help.

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