Consumer Bankruptcy Lawyers in La Habra, California

La Habra 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 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 La Habra, California before you file.

Chapter 7 Bankruptcy in La Habra, California

There are 2 typical types of consumer bankruptcy in La Habra, California: Chapter 7 and 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, 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 La Habra, California debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in La Habra, California

Chapter 13 bankruptcy in La Habra, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. 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 La Habra, California

Chapter 13 is typically a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local La Habra, California bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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Life in La Habra

La Habra is located in Orange County, California.  The city has a lot of history to it because in the 1800s, the area was seen as a natural path to the north.  Spanish explorers discovered the area, and Mariano Reyes Roldan was granted the lan.  Later, Abel Stearns purchased the land from him.  Therefore, many La Habra residents pride themselves over the rich history associated with their properties. 

Famous residents include Rusty Anderson, Natalie Golda, Cathy Cooper, Richard Nixon, Ann Meyers, Jenna Haze, Jennifer Hanson, Anne Ramsay, and Norma Zimmer.  It is not hard to believe that so many well-known people would want to own property in such a beautiful, history-rich area. 

Being in Orange County, La Habra is a short drive away from beautiful beaches, many quaint downtown areas with great shopping and dining, and gorgeous properties to admire and/or live in.  The wonderful weather of Orange County is an added plus.

Residents also have the luxury of having top-notch firms with excellent attorneys near by.  Orange County is home to many firms of all sizes, that practice in all areas of law, and attract and train some of the nation's most brilliant legal minds.  Therefore La Habra residents have no tension for any legal need of theirs can be handled well by the legal force in Orange County.

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