Find a Bankruptcy Lawyer in Thousand Oaks, California

Find the right Bankruptcy attorney in Thousand Oaks, CA

In Thousand Oaks, California, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a convenient way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the potential benefits.

For that reason, it would be prudent to speak with a good Thousand Oaks, California bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Thousand Oaks attorney's advice is truly indispensable.

Types of Bankruptcy in Thousand Oaks, California

In Thousand Oaks, California, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Thousand Oaks, California will be about the same as anywhere else in America. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most commonly used in Thousand Oaks is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Thousand Oaks Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Thousand Oaks is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Thousand Oaks bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Thousand Oaks

Thousand Oaks, California is a master-planned city located in Ventura California. It is named after the abundance of oak trees in the city. Thousand Oaks contains about 2,000 single family residences, an industrial park, a regional shopping center, and various neighborhood retail centers.

The local economy of Thousand Oaks consists of numerous businesses, namely biotechnology, electronics and telecommunications, and cosmetics. Major corporations in Thousand Oaks include Baxter Healthcare Corporation, Amgen, Inc., Jafra Cosmetics, and a Verizon Regional Office. These companies, along with many other employers, attract a large number of residents and commuters to the city.

Popular destinations in Thousand Oaks, California include: the Thousand Oaks Civic Arts Center, Wildwood Regional Park, and The Oaks Shopping Center. Many national store chains establish new locations in Thousand Oaks when expanding to the West Coast, as the city is often at the forefront of fashion and retail trends. Due to its location in the northwest region of the Greater Los Angeles Area, many famous actors, singers, and celebrity superstars chose to live in Thousand Oaks. These have included Colbie Caillat, Heather Locklear, Sophia Lauren, and Dean Martin.

In order to meet the needs of the community, lawyers in Thousand Oaks, California offer services in many different areas of law. Thousand Oaks lawyers handle legal matters that are sometimes unique to the region. Legal advice is available for those with questions about the laws in Thousand Oaks.

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