Find a Bankruptcy Lawyer in Hermosa Beach, California
In Hermosa Beach, California, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start 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 convenient 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 potential benefits.
Accordingly, you should speak with a good Hermosa Beach, California bankruptcy lawyer. Your Hermosa Beach bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.
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Types of Bankruptcy in Hermosa Beach, California
In Hermosa Beach, 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 Hermosa Beach, 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 complete, 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 Hermosa Beach 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 agreements 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 available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a Hermosa Beach Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Hermosa Beach is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Hermosa Beach bankruptcy attorney.
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Life in Hermosa BeachHermosa Beach is a city located in Los Angeles County, California. It has a population of about 19,000 and is known for its wonderful climate and beautiful beachfront location. It is home to many celebrities such as Carson Daly and Jimmy Kimmel due to its location and excellent residential homes.
The entire city of Hermosa Beach, California is marked by the beach culture. The beach area is perfect for beach recreational activities like surfing, paddleboarding, beach volleyball, and sunbathing. Sea breezes help to keep the region remarkably clear of smog and pollutants. The city holds many yearly events, the majority of which revolve around the beach scene. Some of these events include Shakespeare by the Sea, the International Surf Festival, and the Hermosa Ironman triathlon. Hermosa Beach also hosts the Hermosa Beach Film Festival, with screenings of short films held at the Hermosa Beach Playhouse.
Pier Avenue one of Hermosa Beach's main areas for dining, shopping, and night life. The Hermosa Beach Pier can be found at the end of Pier Avenue. Other places to visit in Hermosa Beach, California include Cypress Park, Fort Lots-o-Fun, and the city's skateboard park.
Lawyers in Hermosa Beach, California represent clients in a diverse range of legal topics. Hermosa Beach lawyers can provide much guidance and assistance when it comes to answering legal questions or representing clients in court.