Consumer Bankruptcy Lawyers in Modesto, California

Find the right Consumer Bankruptcy attorney in Modesto, CA

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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 Modesto, California before you file.

Chapter 7 Bankruptcy in Modesto, California

In Modesto, California, there are 2 typical 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 typically 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 absolved. 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 Modesto, California is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Modesto, California

In Modesto, California, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 Bankruptcy involves a court setting up an altered payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

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

This depends entirely on the facts of your specific 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 Modesto, California who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Modesto

Modesto is a city in Stanislaus County, California. As of 2009, it has a population 211,000, making it the 17th most populous city in California.

Modesto was founded in 1870, as a stop along the new railroad that connected Los Angeles and Sacramento. Modesto's economy is based almost entirely around agriculture, and the other industries that support the agricultural industry. During World War II, Modesto, California was a major source of food for the war effort.

Unfortunately, Modesto is burdened with a high crime rate, and a struggling economy with chronic unemployment well above the national average. However, Forbes Magazine has ranked it fairly highly in its "best bang for your buck" ratings, suggesting that Modesto's real estate market is an excellent destination for bargain-hunters. During the 2000s, the downtown area of Modesto was revitalized and modernized, with significant additions made to the Gallo Center for The Arts, as well as many other improvements.

If you live in Modesto, California and need an attorney, you're in luck. Modesto, California lawyers can handle just about any type of legal problem they're presented with.

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