Consumer Bankruptcy Lawyers in Downey, California

Downey 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 usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant 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 Downey, California before you file.

Chapter 7 Bankruptcy in Downey, California

There are 2 common forms of consumer bankruptcy in Downey, 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 discharged. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged 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 Downey, California.

Chapter 13 Bankruptcy in Downey, California

In Downey, California, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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Which Type of Consumer Bankruptcy Should I File in Downey, California

Which Bankruptcy type to file under depends heavily on the facts of each individual 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 Downey, California bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Downey

Downey, California is a city in Los Angeles County, California. Its current population of about 112,000 people.

Downey, California is best known as being the birthplace of the Apollo Program - the U.S. space program that ultimately landed men on the moon. Several aerospace corporations had facilities in Downey, California, such as Rockwell and Boeing. Some of these companies built the Apollo spacecraft and, later, many components of the Space Shuttle. These companies also employed many white-collar professionals, from engineers to Downey, California lawyers.

Nowadays, the economy of Downey, California is dominated by sectors such as healthcare, education, services, and government.

Thanks to its diverse and solid economy, the lawyers who live and work in Downey, California are able to handle a wide range of legal issues. If you need legal advice, a Downey, California attorney can help.

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