Consumer Bankruptcy Lawyers in Escondido, California

Escondido 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 Escondido, California before you file.

Chapter 7 Bankruptcy in Escondido, California

There are 2 common forms of consumer bankruptcy in Escondido, 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some types of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Escondido, California debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Escondido, California

Chapter 13 bankruptcy in Escondido, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 does not discharge debt, but restructures it instead. Usually, 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 usually manageable, as long as the debtor can make some sacrifices.

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

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

Regardless of your situation, you should speak with an attorney in Escondido, California who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

102 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Escondido

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Life in Escondido

Escondido is located in San Diego County, California.  The name "Escondido" is a Spanish word meaning "hidden".  This is in reference to the city being situated in a valley and bordered by scenic hills.  Escondido has a population of about 144,000 and is growing at a rapid rate. 

Many major business and companies have their headquarters in Escondido, California.  Some of the major employers for Escondido residents include Stone Brewing Company, and the San Diego Zoo Safari Park.  Escondido's population growth is supported by the presence of several residential communities, including Hidden Trails and Valley Center.

Escondido, California is an excellent city for leisure and entertainment.  The downtown area features a number of cafes, art galleries, and restaurants.  During the spring and summer seasons, the city hosts "Crusin' Grand", which is a public automobile show held every Friday.  Crusin' Grand features ultra-hip hot rods, historic cars, and live DJ music.  Other fun events include the Grape Day Parade and Festival, the Community Wellness Expo, and an Independence Day Celebration. 

Lawyers in Escondido assist their clients through a variety of legal services.  Escondido, California attorneys also contribute to the community through participation in city planning and development projects.  Escondido lawyers are knowledgeable of the various laws and regulations that are unique to the city.

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