Consumer Bankruptcy Lawyers in Redondo Beach, California

Find the right Consumer Bankruptcy attorney in Redondo Beach, CA

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

Chapter 7 Bankruptcy in Redondo Beach, California

In Redondo Beach, California, there are 2 main forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of some 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 usually 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 discharged. But some types 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 Redondo Beach, California debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Redondo Beach, California

Chapter 13 Bankruptcy in Redondo Beach, California is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 does not discharge debt, but restructures it instead. Usually, 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 usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Redondo Beach, California

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

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

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Life in Redondo Beach

Redondo Beach, California is a city in Los Angeles County. It is one of the three beach cities in Los Angles County. Its population is currently about 67,000 people.

Thanks to its highly desirable beachfront location, Redondo Beach, California has a fairly high cost of living, and its residents tend to be highly affluent. Many of these residents are successful professionals, such as attorneys.

The largest employer in Redondo Beach, California is Northrop Grumman, a very large player in the aerospace industry. This industry employs a large numbers of engineers and scientists, but high-tech companies also tend to employ a fairly significant number of lawyers, to handle things like trade secrets and employment law issues.

The lawyers of Redondo Beach, California are capable of handling sophisticated and complex cases, as well as ordinary legal issues that the average consumer is likely to face. If you need legal assistance, a Redondo Beach, California attorney can probably help.

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