Consumer Bankruptcy Lawyers in Manhattan Beach, California

Find the right Consumer Bankruptcy attorney in Manhattan Beach, 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 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 Manhattan Beach, California before you file.

Chapter 7 Bankruptcy in Manhattan Beach, California

There are 2 main types of consumer bankruptcy in Manhattan Beach, 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 Manhattan Beach, California is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Manhattan Beach, California

Chapter 13 Bankruptcy in Manhattan Beach, 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 Manhattan Beach, California

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your particular situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Manhattan Beach, California. Your lawyer 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 Manhattan Beach

Manhattan Beach, California is a city in southwestern Los Angeles County. It has a population of about 35,000 people.

Manhattan Beach, California was founded in the early 1900s, and was named after Manhattan Beach, New York, the hometown of one of the early land developers in the cities.

Modernly, Manhattan Beach is known for its affluence, and its extremely expensive land and home prices. Real estate attorneys in Manhattan Beach, California have carved out some very successful practices in that niche market. Some of the most successful professionals, including lawyers, in the United States have chosen to make Manhattan Beach their home, owing to its exclusive amenities, pleasant climate, and beachfront location.

If you are a resident of Manhattan Beach, California, and are in need of legal services, it's very likely that there is a Manhattan Beach, California lawyer who can help.

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