Find a Bankruptcy Lawyer in Huntington Beach, California

Find the right Bankruptcy attorney in Huntington Beach, CA

In Huntington Beach, California, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 proper 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 possible benefits.

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

Types of Bankruptcy in Huntington Beach, California

In Huntington 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 Huntington Beach, California will be roughly the same as everywhere else in America. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, 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 various 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 form of bankruptcy most often used in Huntington Beach is Chapter 13. It allows a person to pay off their debt over a prolonged period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being executed, this plan must be approved by a majority vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Huntington Beach Bankruptcy Lawyer Help?

Filing for bankruptcy in Huntington Beach is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Huntington Beach bankruptcy attorney for help.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Huntington Beach

Sun, check. Surf, check. Shopping, check. Huntington Beach, California is the quintessential southern California beach town. Known for its 8.5 miles of sandy beaches, Huntington Beach is appropriately nicknamed "Surf City." With a population just under 200,000 residents, Huntington Beach is both a popular place to live and a popular place to visit. Because of its laid-back beach lifestyle,it is alsoa popular place for many companies such as Quicksilver,Boeing, and Verizon. There are also many lawyers in Huntington Beach ready to serve the legal needs of their clients. Huntington Beach lawyersare some of the best at what they do.And no, Huntington Beach lawyers do not wear wetsuits to work. Huntington Beach tourism is almost exclusively devoted to its beachy atmosphere, hosting events such as the U.S. Surfing Open, AVP tournaments, and triathalons.Huntington Beach also has many artistic events to offer visitors. The Bolsa Chica Wetlands, an ecological reserve known for its trails and scenic stops is also a hallmark of Huntington Beach. So whether it is great weather, great lawyers,or a great wave, Huntington Beachhas it all and more.

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