Consumer Bankruptcy Lawyers in Diamond Bar, California
Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable 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 Diamond Bar, California before you file.
Chapter 7 Bankruptcy in Diamond Bar, California
There are 2 main types of consumer bankruptcy in Diamond Bar, 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 absolved. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.
Once qualified assets are sold, and the money turned over to the creditors, most remaining debt is absolved. However, there are certain types of debt that cannot be absolved 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 Diamond Bar, California.
Chapter 13 Bankruptcy in Diamond Bar, California
Chapter 13 Bankruptcy in Diamond Bar, California differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not absolve debt, but restructures it instead. Normally, 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 normally manageable, as long as the debtor can make some sacrifices.
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Which Type of Consumer Bankruptcy Should I File in Diamond Bar, California
Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.
Of course, you should always seek the counsel of an accomplished local Diamond Bar, 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 individual situation.
Consumer Bankruptcy Attorneys in the Largest CA Cities
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.