Consumer Bankruptcy Lawyers in West Covina, California

Find the right Consumer Bankruptcy attorney in West Covina, CA

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

Chapter 7 Bankruptcy in West Covina, California

In West Covina, California, there are 2 common 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your West Covina, California debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in West Covina, California

Chapter 13 bankruptcy in West Covina, California is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not absolve debt, but restructures it instead. Normally, 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 normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in West Covina, California

Which Bankruptcy type to file under depends strongly on the facts of each particular case. If you have a stable 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 stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local West Covina, California bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in West Covina

West Covina, California is a city in Los Angeles County, California. It has a population of about 106,000 people.

West Covina, California was incorporated in 1923, mainly to prevent the city of Covina from building a sewage treatment plant on the land West Covina now occupies. Modernly, West Covina, California is largely a bedroom community, with many of its residents commuting to Los Angeles and other larger nearby cities for their jobs. This is common practice among middle-class professionals, such as attorneys.

These professionals and attorneys are drawn to West Covina in part because of its large country club, known as South Hills.

If you live in West Covina, California and need legal help, there's almost certainly a West Covina attorney who can help. West Covina, California lawyers are skilled in a wide range of legal practice areas, and can probably advise you on whatever legal issue you're facing.

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