Find a Bankruptcy Lawyer in Ontario, California
In Ontario, California, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a fitting way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the probable benefits.
For that reason, it would be prudent to speak with a good Ontario, California bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your specific situation. This determination is highly dependent on the details of each individual case, so a Ontario attorney's advice is really indispensable.
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Types of Bankruptcy in Ontario, California
There are 3 bankruptcy tactics that are normally used in Ontario: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Ontario, California are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
The other recognized bankruptcy scheme used by consumers in Ontario is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a Ontario Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Ontario is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an efficient Ontario bankruptcy attorney.
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Life in OntarioOntario, California is a city in San Bernardino County. Its current population is about 170,000 people.
For thousands of years, the area now known as Ontario was a hunting and foraging ground for the semi-nomadic Tongva band of Native Americans. People of European descent arrived when Mexican settlers began populating the area.
Ontario's early economic growth was fueled by agriculture, and tourism by wealthy Californians, who viewed the area as a health resort, and it is still a destination for people who enjoy a warm, dry climate, either for recreation or retirement.
During and after World War Two, Ontario, and many other suburbs, experienced a housing boom, thanks to the explosion of industrial activity, which significantly increased the population. Modernly, there is still some manufacturing activity in Ontario, California, which is an important part of its economy.
Owing to its diversity and relatively large population, a thriving legal community has sprung up in Ontario. Ontario, California lawyers are as diverse as the community itself, and virtually every imaginable practice area is represented. If you need legal advice or representation, an Ontario, California lawyer is a good person to ask.