Consumer Bankruptcy Lawyers in Santa Cruz, California

Find the right Consumer Bankruptcy attorney in Santa Cruz, 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 Santa Cruz, California before you file.

Chapter 7 Bankruptcy in Santa Cruz, California

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

Chapter 13 Bankruptcy in Santa Cruz, California

In Santa Cruz, California, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your 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 an 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 Santa Cruz, California

The answer to this question depends strongly on your distinct situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Whatever your situation, you should speak with a local Santa Cruz, California bankruptcy lawyer. Your attorney 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 Santa Cruz

Santa Cruz, California is the largest city in, and county seat of, Santa Cruz County. It has a population of about 60,000 people.

Santa Cruz was the location of a Spanish settlement that was established in 1791. Beginning in the mid-20th century, and continuing to this day, Santa Cruz has long been a center of liberal and progressive social activism. In 1992, Santa Cruz, California became one of the first cities in the United States to legalize medical marijuana. The presence of the University of California, Santa Cruz adds to this culture of activism. It is also the largest employer in Santa Cruz, with about 7,000 workers.

UC Santa Cruz does not have a law school, but many of its graduates go on to attend other California law schools, and become successful Santa Cruz, California lawyers.

If you are a resident of Santa Cruz, and are in need of legal help, you can almost certainly find a Santa Cruz, California attorney who can assist you.

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