Find a Bankruptcy Lawyer in Hayward, California

Hayward Bankruptcy Lawyers, CA

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In Hayward, California, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence 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 fitting 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 probable benefits.

Accordingly, you should speak with a good Hayward, California bankruptcy lawyer. Your Hayward bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

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Types of Bankruptcy in Hayward, California

In Hayward, California, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Hayward, California will be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is done, 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 varied 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 recognized bankruptcy scheme used by consumers in Hayward is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Hayward Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Hayward lightly. Before making any such decision, it would be highly advisable to contact an efficient Hayward bankruptcy attorney.

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Life in Hayward

Hayward, California is a city in Alameda County, California, in the Eastern portion of the San Francisco Bay Area (the "East Bay"). It has a population of 145,000 people. 

Human habitation of the area now known as Hayward, California dates back to at least 6,000 years ago, and probably longer, with various Native American tribes living in the area. In the 19th Century, the first people of European descent settled the area, when Mexican settlers relocated to the Bay Area, at a time when California was still part of Mexico.

Modernly, Hayward, California is home to California State University, East Bay, which is a large public university. This school is particularly known for its excellent programs in business, economics, and education. It also happens to be one of the largest employers in Hayward, and a driving force behind the local economy. Some of the university's graduates have gone on to law school, and are now respected Hayward, California attorneys.

Accordingly, if you need legal advice or information in Hayward, California, chances are good that you will be able to find a local Hayward attorney who can help you with whatever legal issue you might be facing.

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