Find a Bankruptcy Lawyer in Redwood City, California

Find the right Bankruptcy attorney in Redwood City, CA

In Redwood City, California, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 proper 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 possible benefits.

For that reason, it would be advisable to speak with a good Redwood City, 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 individual situation. This determination is highly dependent on the details of each individual case, so a Redwood City attorney's advice is absolutely indispensable.

Types of Bankruptcy in Redwood City, California

There are three basic bankruptcy schemes that are most commonly used in Redwood City: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Redwood City, California will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Varied types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other largely used bankruptcy system in Redwood City is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the contracts that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is normally a better option for people who have a steady income. Chapter 11 bankruptcy is usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Redwood City Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of applying for bankruptcy in Redwood City cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Redwood City bankruptcy attorney beforehand.

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Life in Redwood City

Redwood City, California is a city in San Mateo County, on the San Francisco Peninsula. It has a population of about 77,000 people, and is the county seat of San Mateo County.

Redwood City, California is one of the major hubs of employment in the South Bay region of the San Francisco Bay Area, particularly in the high-tech sectors. Technology companies like Oracle and Electronic Arts are headquartered in Redwood City, and they provide a major source of employment, in various fields. Both of these companies employ a large number of white-collar professionals, probably including several Redwood City, California lawyers.

Other major employers in Redwood City, California are the government of San Mateo County, as well as several major players in the healthcare industry, such as Kaiser Permanente.

If you live in Redwood City, California and are in need of a lawyer, you're in luck. A significant number of attorneys in Redwood City are set up to handle the legal issues that often arise for ordinary consumers.

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