Consumer Bankruptcy Lawyers in Oxnard, California
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 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 Oxnard, California before you file.
Chapter 7 Bankruptcy in Oxnard, California
In Oxnard, California, there are 2 typical forms 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 need to be sold.
Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some types of debt, however, can't be excused in Chapter 7 Bankruptcy in Oxnard, California. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 might not be the best choice for you.
Chapter 13 Bankruptcy in Oxnard, California
Chapter 13 Bankruptcy in Oxnard, California differs considerably 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 arrangements that gave rise to the debt in the first place. This results in a adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.
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Which Type of Consumer Bankruptcy Should I File in Oxnard, California
Chapter 13 is typically a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.
Of course, you should always seek the counsel of an experienced local Oxnard, California bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.
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Life in OxnardOxnard may not be a household name throughout America but it plays a major role in California's international trade, manufacturing, defense, and agricultural economies. Oxnard is the key port for Del Monte Foods, Chiquita, Land Rover, BMW, and Jaguar shipments to the west coast. It's the deepest port between San Francisco and San Diego.
The city also has strong ties to agriculture and civil rights as the childhood home of Caesar Chavez and annual California Strawberry Festival. The USDA ranked Oxnard as one of the preeminent strawberry producers in California supplying over 1/3 of all California strawberries.
The top employers in Oxnard are currently St. John's Regional Medical Center, Oxnard Union High School District, and Waterway Plastics that collectively employ over 5,000 Oxnard locals.
Tourism helps boost the Oxnard economy as well. Tourists flock to Oxnard's renown soft sand beaches that are also known for being much less crowded than other hotspots. The Oxnard Public Beaches offer accommodations like palm tree lined walkways, picnic, and barbeque areas. The Carnegie Art Museum, founded by the famous Andrew Carnegie in 1907, displays over 1,500 pieces from Southern California artists and other influential Americans like Colin Campbell Cooper and Millard Sheets. The Chandler Vintage Museum of Transportation and Wildlife is another popular Oxnard museum neat Heritage Square that locals and tourists enjoy visiting.
If you live in Oxnard, California and need an attorney, you're in luck. Oxnard, California lawyers are members of a very diverse and sophisticated legal community. If you have any legal issues, an Oxnard, California lawyer can help.