Consumer Bankruptcy Lawyers in Stockton, California

Find the right Consumer Bankruptcy attorney in Stockton, CA

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 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 Stockton, California before you file.

Chapter 7 Bankruptcy in Stockton, California

In Stockton, California, there are 2 main 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 eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged 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 Stockton, California.

Chapter 13 Bankruptcy in Stockton, California

In Stockton, 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 does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Stockton, California

The answer to this question depends strongly on your individual 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.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Stockton, 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).

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Life in Stockton

Stockton is a major inland port city and the seat of San Joaquin County, California. It's position amid Central Valley farmland, Interstate 5 and California State Route 99 make it an ideal hub for transit. Stockton is much more than agriculture and shipping though. A number of telecommunication and manufacturing companies are located in Stockton. The city is also an ideal place for renewable energy companies whom the city has encouraged though economic incentive programs. Much of their focus focuses on developing alternative fuels for agricultural development.

The waterways, plains, and diverse landscape of Stockton makes it an ideal location for movie makers throughout the ages. "Cool Hand Luke," "Dead Man on Campus," "Flubber," "Fat City," as well as "Indiana Jones and the Last Crusade" and "Raiders of the Lost Ark" are just a few classics filmed in Stockton. Stockton is a standout city nationally as well. It's received an "All-America City" and National Civic League award twice. The City of Stockton has emphasized safety through community programs and police presence in the past years. The city has also put emphasis on community partnerships like the Downtown Alliance that works to both decrease unemployment rates as well as keep the district busy and vibrant. Sunset Magazine even bestowed "Best Tree City" and "Best of the West Food Fest" awards upon Stockton. The University of the Pacific is located in Stockton with the second largest private university in the state, National University.

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