Consumer Bankruptcy Lawyers in Milpitas, California

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

Chapter 7 Bankruptcy in Milpitas, California

In Milpitas, California, there are 2 common types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Milpitas, California is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Milpitas, California

In Milpitas, California, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. 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.

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

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Whatever your situation, you should speak with a local Milpitas, California bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Milpitas

Milpitas, California is a city in Santa Clara County. It is a suburb of San Jose, which is the largest city in the San Francisco Bay Area. The current population of Milpitas, California is approximately 67,000 people.

Milpitas, California was incorporated in the 1950s, in order to prevent itself from being annexed by the rapidly-expanding San Jose. Many Milpitas, California lawyers were involved in setting up the city's incorporation.

Nowadays, many residents of Milpitas, California work outside the city, mostly in San Jose. Because of its proximity to Silicon Valley, many residents of Milpitas, California work in the high tech industry. Also, many of the nation's largest law firms have Silicon Valley offices, so there are many extremely successful and sophisticated Milpitas, California attorneys.

However, if you live in Milpitas, California, you won't have to look to a big, expensive law firm for help. There are many experienced, competent, and affordable Milpitas, California lawyers who can help you with almost any legal issue you may face.

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