Consumer Bankruptcy Lawyers in Riverside, California

Find the right Consumer Bankruptcy attorney in Riverside, CA

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 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 Riverside, California before you file.

Chapter 7 Bankruptcy in Riverside, California

In Riverside, California, there are 2 typical 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 typically 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 excused. 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 Riverside, California debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Riverside, California

In Riverside, California, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Riverside, California

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

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

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Life in Riverside

The City of Riverside is unsurprisingly the seat of Riverside County and home to numerous historical, cultural, and educational institutions. In fact, Riverside is called the "City of Arts and Innovation." The Fox Performing Arts Center is better known as the "Fox Theater" is best known for being the location for the first theater preview screening of the American Classic "Gone with the Wind." The Fox Theater was recently restored and reopened for a sold out Sheryl Crow concert. It's located in downtown near the California Museum of Photography, which boasts the most comprehensive photographic collection west of the Mississippi. The Riverside County Historic Courthouse is a historical and architectural attraction built in the "beaux arts" style. There are also a number of Queen Anne style homes in Riverside's Historic District.

Annual visitors come to Riverside for events like the Riverside International Film Festival, Riverside Air Show, and the Riverside Dickens Festival that campaigns for literary and community awareness. Other seasonal visitors include students attending the nearby institutions of higher education like nearby University of California at Riverside. UC Riverside is also the largest employer in the city with over 7,100 faculty and staff. California Baptist College, California Southern Law School, Riverside City College, and La Sierra University round out the other major colleges in Riverside. There are also a number of important courts in Riverside like the United States District Court, US Bankruptcy Court for Central California, Riverside Superior Court, and California Court of Appeals. You might guess there would be a number of knowledgeable lawyers in the area as well. Bakersfield actually offers a number of lawyers who specialize in more than Criminal, Bankruptcy, and Immigration cases. The bustling film industry in Riverside has brought a number entertainment and contract related lawyers to the city.

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