Find a Bankruptcy Lawyer in Lafayette, California

Find the right Bankruptcy attorney in Lafayette, CA

In Lafayette, 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 Lafayette, California bankruptcy lawyer. Your Lafayette 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.

Types of Bankruptcy in Lafayette, California

In Lafayette, 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 Lafayette, California will be roughly the same as everywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other largely used bankruptcy system in Lafayette is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Lafayette Bankruptcy Lawyer Help?

The need to weigh all the options and consider the costs and benefits of applying for bankruptcy in Lafayette cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Lafayette bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lafayette

Lafayette, California is a city in Contra Costa County, and is part of the San Francisco Bay Area. It currently has a population of about 25,000 people.

Lafayette, California is known for its pastoral hills, and upscale lifestyle. It is also known for a controversial long-term protest. In 2006, residents began placing thousands of crosses on the side of a hill, to memorialize the U.S. soldiers killed in Iraq, and to voice opposition to the war there.

Many successful upper-middle class professionals live in Lafayette, California. These include many accomplished attorneys. A large portion of these attorneys work in San Francisco and other larger cities. The presence of a commuter rail station makes this a very convenient arrangement, attracting attorneys who want the best of both worlds (the excitement and opportunity of a big city, and the quiet solitude of a small town) to Lafayette, California.

If you live in Lafayette, and need an attorney, you're in luck. There are many accomplished and competent attorneys in Lafayette, California who can help you with whatever legal problem you may be facing.

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