Consumer Bankruptcy Lawyers in San Ramon, California

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

Chapter 7 Bankruptcy in San Ramon, California

In San Ramon, 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 the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in San Ramon, California. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in San Ramon, California

Chapter 13 Bankruptcy in San Ramon, California differs substantially from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your 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 a 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 San Ramon, 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.

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

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Life in San Ramon

San Ramon, California is a city in Contra Costa County. Its population is currently about 72,000 people.

San Ramon, California is one of the larger suburbs in the San Francisco Bay Area, and it is one of the major employment hubs in the area. Several large companies have a major presence in San Ramon, California. Energy giant Chevron has its headquarters in San Ramon, where it employs 3,500 people, making it the largest employer in the city. ATT has a major regional office there, as does the staffing company Robert Half, and the computer company IBM.

These large corporations employ a significant number of San Ramon, California lawyers.

If you are a resident of San Ramon, California and are in need of legal services, it's very likely that there's a San Ramon, California attorney who can help.

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