Consumer Bankruptcy Lawyers in Livermore, California

Livermore 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 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 Livermore, California before you file.

Chapter 7 Bankruptcy in Livermore, California

There are 2 main types of consumer bankruptcy in Livermore, 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 the non-exempt property is sold, the rest of the dischargeable debt is excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Livermore, California is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Livermore, California

Chapter 13 Bankruptcy in Livermore, California is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

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Which Type of Consumer Bankruptcy Should I File in Livermore, California

This depends entirely on the facts of your individual case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Regardless of your situation, you should speak with an attorney in Livermore, California who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely outcomes of each one, allowing you to make a much more informed decision.

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Life in Livermore

Livermore, California is a city in Alameda County. Its population is about 81,000 people. Livermore is located in the Eastern outskirts of the San Francisco Bay Area, and is generally considered to be on the border between the Bay Area and Central Valley.

Livermore, California's history of human habitation dates back several thousand years, with the Ohlone tribe of Native Americans inhabiting the area for centuries before the arrival of Europeans. The first European settlements of the Livermore area arrived in the 1770s, when the Spanish established a strong military and missionary presence in the area. After the discovery of gold in California, Livermore became a popular "first day" stopping point for prospectors arriving via San Francisco. 

Modernly, Livermore, California is home of the Lawrence Livermore National Laboratory, which, in association with the University of California system and the Department of Energy, carries out cutting-edge scientific research, particularly in the area of nuclear energy.

This facility, besides employing large numbers of engineers and scientists, also employ several attorneys who handle things like employee relations and intellectual property.

If you need a lawyer in Livermore, California, for whatever reason, it's very likely that there's a Livermore, California attorney who can help you with whatever legal problems you might be facing.

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