Consumer Bankruptcy Lawyers in Santa Monica, California

Find the right Consumer Bankruptcy attorney in Santa Monica, CA

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Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant 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 Santa Monica, California before you file.

Chapter 7 Bankruptcy in Santa Monica, California

In Santa Monica, California, there are 2 main 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 usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Santa Monica, California. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Santa Monica, California

In Santa Monica, California, chapter 13 is very 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 modified payment plan, which allows the debtor to pay off most or all of his debts over a longer 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 Monica, California

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

In any case, it would be a good idea to consult a local bankruptcy Attorney in Santa Monica, California. Your Attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Santa Monica

Santa Monica, California is an affluent beachfront city in Los Angeles County. It has a population of about 90,000 people.

It is known for its scenic setting on the shores of the Santa Monica Bay, its laid-back culture, and affluent population.

Many notable businesses and organizations have their headquarters in and near Santa Monica, California, providing a major boost to the city's economy. These companies include Universal Music Group, Lions Gate Films, the RAND Corporation, and others. Many other companies also have branch offices in Santa Monica, California including Google, Volkswagen, and Microsoft.

These companies employ and retain a large number of Santa Monica, California lawyers, many of whom have very sophisticated and successful practices.

Accordingly, there's almost certainly a Santa Monica, California attorney who can help you with whatever legal issue you might have. Santa Monica, California lawyers are ready to hear your case.