Consumer Bankruptcy Lawyers in San Juan Capistrano, California

Find the right Consumer Bankruptcy attorney in San Juan Capistrano, 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 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 San Juan Capistrano, California before you file.

Chapter 7 Bankruptcy in San Juan Capistrano, California

In San Juan Capistrano, California, there are 2 typical 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 typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

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 San Juan Capistrano, 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 San Juan Capistrano, California

Chapter 13 Bankruptcy in San Juan Capistrano, California is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in San Juan Capistrano, 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.

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

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Life in San Juan Capistrano

San Juan Capistrano, California is a city located in Orange County with an approximate population of 33.826 people. This small city is filled with a lot of history. It was created around Mission San Juan Capistrano. Therefore, the city has a lot of building which complement a Spanish style architecture.

San Juan Capistrano is a beautiful suburb filled with million dollar homes, gated communities, hills, and ranches. It seems like heaven on earth! Popular attractions include the Mission San Juan Capistrano, Mission Basillica San Juan Capistrano, Trabuco Creek, El Adobe de Capistrano, The Depot, and Los Rios District.

Being located in Orange County, residents have no problems finding competent attorneys for their legal needs. Orange County is home to many law firms of all sizes, practicing in all areas of law.

Overall San Juan Capistrano residents are blessed with a strong legal force, gorgeous community, and wonderful quality of life.

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