Consumer Bankruptcy Lawyers in Malibu, California

Find the right Consumer Bankruptcy attorney in Malibu, CA

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 Malibu, California before you file.

Chapter 7 Bankruptcy in Malibu, California

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

Chapter 13 Bankruptcy in Malibu, California

Chapter 13 Bankruptcy in Malibu, California differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the contracts that gave rise to the debt in the first place. This results in an altered payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each particular case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, it would be a good idea to consult a local bankruptcy attorney in Malibu, California. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Malibu

Malibu, California is a beachfront city in Los Angeles County, California. its population is approximately 12,700 people.

Malibu is one of the most affluent cities in Los Angeles County, with a median household income of over ,000 per year.

Malibu is best known for its beaches. The presence of these beaches, and their quality, caused the value of beachfront property in Malibu, California to soar, with people from all over the country scrambling to take up residence there. Over the past several decades, this created a boom for real estate brokers, and Malibu, California real estate attorneys.

Malibu, California is home to several popular art festivals and art museums, including a branch of the Getty museum.

If you live in Malibu, California and need a lawyer, you're in luck. There are many very successful and sophisticated lawyers in Malibu, California who can help.

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