Find a Bankruptcy Lawyer in Diamond Bar, California
In Diamond Bar, California, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a proper way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the possible benefits.
Accordingly, you should speak with a good Diamond Bar, California bankruptcy lawyer. Your Diamond Bar bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.
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Types of Bankruptcy in Diamond Bar, California
In Diamond Bar, California, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Diamond Bar, California will be similar everywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and numerous classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.
The other form of bankruptcy most often used in Diamond Bar is Chapter 13. It allows a person to pay off their debt over a prolonged period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.
How Can a Diamond Bar Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Diamond Bar is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Diamond Bar bankruptcy attorney.
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Life in Diamond BarDiamond Bar, California is a largely residential city located in the eastern region of Los Angeles County. It is conveniently situated where the Orange and Pomona freeways meet, just about 25 miles away from downtown Los Angeles. Diamond Bar's location and economy make it an excellent commuter town with many employment opportunities.
The city was named after a type of ranching brand known as a "diamond over a bar", which reflects the city's historical foundations in cattle ranching. The ranching industry helped lay the foundation for Diamond Bar's economic progress. Currently, top employers in Diamond Bar, California include major organizations such as Allstate, Traveler's, and South Coast Air Quality Management District. Many Diamond Bar residents enjoy a close commute to other employment sites nearby in the region.
Diamond Bar is particularly known for its focus on family life and communal events. For example, the city holds weekend Farmer's Markets, regular Book Fairs, and other similar functions. Residents enjoy participating events such as the Holiday Home Decorating Contest. Other attractions in Diamond Bar, California include the T.H. Pendergast Museum and a lush golf course. The city was also one of the first master-planned communities in the U.S.
Lawyers in Diamond Bar, California often assist clients at the Los Angeles County Superior Court, located nearby. Diamond Bar lawyers are able to offer assistance in a broad range of legal categories and topics. Many Diamond Bar attorneys participate in local community events and functions.