Consumer Bankruptcy Lawyers in Torrance, California

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

Chapter 7 Bankruptcy in Torrance, California

In Torrance, California, there are 2 main forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types 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 proceeds turned over to the creditors, most remaining debt is excused. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Torrance, California is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Torrance, California

Chapter 13 Bankruptcy in Torrance, California differs significantly from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Torrance, California bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Torrance

Torrance, California is a city located in the southwestern region of Los Angeles County. Within city limits, Torrance has over 1.5 miles of unbroken beachfront, to which most of its 145,000 residents have access.

Torrance can trace its early history to a 1784 Spanish land grant. Wealthy landowners established several large ranches in the area that would eventually become Torrance.

Modernly, Torrance is a vibrant, environmentally-conscious community. It is home to one of the very few wetlands situated in an urban area. They are set aside as a nature preserve, which was once set for oil drilling. The efforts of conservationists and Torrance, California environmental lawyers prevented this from happening, however.

Many foreign corporations have their American headquarters in Torrance, including Toyota and Honda. These companies employ a large number of people in a wide range of professions, including local Torrance, California lawyers who represent the interests of their employers in the United States.

If you live in Torrance, California, and find yourself in need of legal services, it's very likely that there's a Torrance, California attorney who can help you out.

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