Consumer Bankruptcy Lawyers in Rancho Cordova, California

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

Chapter 7 Bankruptcy in Rancho Cordova, California

In Rancho Cordova, California, there are 2 common types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Rancho Cordova, California debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Rancho Cordova, California

Chapter 13 Bankruptcy in Rancho Cordova, California is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular 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 Rancho Cordova, California

Chapter 13 is normally a good option for people who have a stable 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 stable income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Rancho Cordova, California bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Rancho Cordova

Rancho Cordova, California is a city in Sacramento County. It was incorporated in 2003, and currently has a population of about 65,000 people.

However, up to 45,000 workers commute to Rancho Cordova on a daily basis, which causes its population to spike during working hours on most days. This makes it the second-largest employment hub in the Sacramento area.

The economy of Rancho Cordova, California is driven by industries such as healthcare, insurance, and retail. Also, because Sacramento is the state capital, a large number of Rancho Cordova, California residents work for the state government, and commute to Sacramento. Many of these state employees are administrative professionals, such as lawyers.

In Rancho Cordova, California there are also many qualified attorneys in private practice. Anyone who needs legal representation would do well to contact a Rancho Cordova, California attorney as quickly as possible.

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