Consumer Bankruptcy Lawyers in Simi Valley, California

Find the right Consumer Bankruptcy attorney in Simi Valley, CA

Find Lawyers

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 Simi Valley, California before you file.

Chapter 7 Bankruptcy in Simi Valley, California

In Simi Valley, California, there are 2 typical types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Simi Valley, California.

Chapter 13 Bankruptcy in Simi Valley, California

Chapter 13 bankruptcy in Simi Valley, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may 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 Simi Valley, 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, it would be a good idea to consult a local bankruptcy Lawyer in Simi Valley, California. Your Lawyer 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).

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Simi Valley

Simi Valley is a suburb located in beautiful Southern California, bordering San Fernando Valley and the greater Los Angeles area. Simi Valley is surrounded by the Santa Susana Mountain range and the Simi Hills; therefore is known for gorgeous sites that emphasize Mother Nature's beauty. With such an appeal also labels the area as a high-risk location for wildfires.

Simi Valley has been pictured in many popular Hollywood movies including Poltergeist, Little House on the Prairie, The Thorn Birds, Bachelor Party, and The Doberman Gang.

Top employers in the area include the school districts and hospitals, as well as Farmers Insurance Group, AeroVironment, Vons, Meggitt Safety Systems, Wal-Mart, Milgard Manufacturing, and Rancho Simi Parks Recreation District.

Southern California is home to many law school and firms of all sizes. Moreover, many ivy-league educated attorneys make Southern California their home after graduation. Thus, the legal force in and near Simi Valley is served by brilliant attorneys who are trained by some of the largest firms. Also, the vast number of firms bring about fierce competition and competitive pricing for Simi Valley residents. All in all, Simi Valley residents can rest assured that any legal inquiry of theirs can be handled by the legal industry in and around Simi Valley.