Consumer Bankruptcy Lawyers in Fontana, California
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 Fontana, California before you file.
Chapter 7 Bankruptcy in Fontana, California
There are 2 typical types of consumer bankruptcy in Fontana, 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms 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 Fontana, California debts are not dischargeable, you may want to consider options other than bankruptcy.
Chapter 13 Bankruptcy in Fontana, California
In Fontana, California, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.
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Which Type of Consumer Bankruptcy Should I File in Fontana, California
The answer to this question depends strongly on your distinct situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.
In any case, it would be a good idea to consult a local bankruptcy lawyer in Fontana, California. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).
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Life in FontanaFontana, California is known as a central hub for the trucking industry because Interstate 10, State Route 210 and Interstate 15 surround it. Fontana lies in San Bernardino County, California. The area is famous for its history, with a historic regional park, theater, and the Kaiser Steel Mill. Alongside history, Fontana is also home to runners all over California because Fontana hosts the Fontana Days Half Marathon and the 5K run. This race is known all over the world as the fastest marathon course!
Fontana is home to approximately 196,069 residents, which includes a diverse population of African Americans, Caucasians, Native Americans, Asians, Pacific Islanders, and Latinos. With so many people, naturally Fontana would offer many cultural, sports, and recreation activities. These activities include the Center Stage Theater, Art Depot, Auto Club Speedway and Fontana Park.
Fontana's main industry is the trucking industry. Therefore the city is home to many truck dealerships and equipment sales centers. Legal services are available to support this industry via small law offices in Fontana that have excellent attorneys. For larger firms or extensive legal representation, the industry and residents of Fontana have available the many law firms that are located in nearby Ontario and Rancho Cucamonga.