Consumer Bankruptcy Lawyers in Laguna Niguel, California

Laguna Niguel 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 normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in California will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Laguna Niguel, California before you file.

Chapter 7 Bankruptcy in Laguna Niguel, California

There are 2 main forms of consumer bankruptcy in Laguna Niguel, California: Chapter 7 and 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types 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 absolved. But some types 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 Laguna Niguel, California debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Laguna Niguel, California

In Laguna Niguel, California, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over a prolonged period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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Which Type of Consumer Bankruptcy Should I File in Laguna Niguel, California

Chapter 13 is normally a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Laguna Niguel, California bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Laguna Niguel

Laguna Niguel, California is a city in Orange County. Laguna Niguel is known for its affluence, and upscale amenities. It currently has a population of about 63,000 people. 

Laguna Niguel was incorporated in 1959, and was built from a detailed master plan, making it an early example of a master-planned community. When construction of the I-5 freeway completed in the early 1960s, the population of Laguna Niguel, California began to grow much more rapidly.

Like many communities in Orange County, Laguna Niguel is quite affluent. The median household income is over $100,000 per year, with many successful professionals, such as lawyers, making it their home. Many of these professionals work in other nearby cities. The top employers within the Laguna Niguel city limits are generally in the retail industry. 

Because of its large concentration of professionals and businesses, there are many lawyers in Laguna Niguel, California who are capable of handing a wide range of legal issues. If you live in the area, and need legal advice, it's very likely that a Laguna Niguel, California attorney can help you out.

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