Consumer Bankruptcy Lawyers in Los Angeles, California
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 Los Angeles, California before you file.
Chapter 7 Bankruptcy in Los Angeles, California
There are 2 main types of consumer bankruptcy in Los Angeles, 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 cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Los Angeles, California is not dischargeable, Chapter 7 may not be the best option.
Chapter 13 Bankruptcy in Los Angeles, California
Chapter 13 bankruptcy in Los Angeles, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with a altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.
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Which Type of Consumer Bankruptcy Should I File in Los Angeles, California
Chapter 13 is normally 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.
Of course, you should always seek the counsel of an accomplished local Los Angeles, California bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.
Consumer Bankruptcy Attorneys in the Largest CA Cities
Life in Los AngelesMost people think of Hollywood when they think of Los Angeles, California. Los Angeles is home to many celebrities, movie studios such as Paramount Pictures Home Entertainment Studios, and the Walk of Fame. Los Angeles residents and visitors can often sight celebrities shopping on Rodeo Drive, in Malibu, Beverly Hills, or in various night clubs.
Besides celebrities, Los Angeles is near the happiest on Earth-Disneyland! Kicking back and enjoying rides, great shows and parades, and hanging out with your favorite Disney characters is not the only thing Disneyland is about. Rather, Disneyland is a place where families come together, have fun, and both children and adults feel like a kid again. This unique attraction is one of the reasons Los Angeles is so visited by people all over the world.
Other attractions in Los Angeles include the J. Paul Getty Museum, Universal Studios Hollywood, Hollywood Museum, Griffith Park, Venice Beach, and the Hollywood Bowl Museum.
Los Angeles being such a large city with a population of 9,862,049 is home to many intelligent, ivy-league-educated, and promising lawyers. Therefore, many large, multinational as well as mid-sized and small firms are present in Los Angeles. No legal need is left unattended in Los Angeles, California.