California Bankruptcy Lawyer
Bankruptcy in California is something most people do not want to think about or talk about. It is something that a lot of people see as complete failure, a disaster. Even though it is something that you probably do not want to think about or consider, you may have reached a point where it is impossible to pay your debtors. If this is true, it is an option that you need to look into, and you may want to hire a California bankruptcy attorney.
It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, "a legally declared inability or impairment of ability of an individual or organization to pay its creditors." It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.
In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.
It is extremely important to choose the right attorney to represent you. This can make all the difference in the world. Attorneys who have a general law practice and family lawyers are excellent, but are they right for bankruptcy?
You will probably need a lawyer who specializes in bankruptcy law in California. You will need a California bankruptcy attorney.
This is what California bankruptcy attorneys do. They specialize in California bankruptcy law. They work with cases involving bankruptcy in California every day. A lawyer stay informed about updates and changes to California bankruptcy law.
This decision may affect you and your family for the rest of their life. You deserve the best advice possible from a California bankruptcy attorney near you. By taking our free confidential legal evaluation, you can be on your way to achieving the financial solutions you seek. We can help you protect your belongings and achieve the fresh start you deserve.
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Know California Bankruptcy Laws
For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you are going to file bankruptcy in California, you need to know the laws that pertain to you in filing a California bankruptcy. You need the help of a California bankruptcy lawyer who can assist you in understanding how California bankruptcy laws will affect your case.
The most common types of personal bankruptcy in California are Chapter 7 and Chapter 13. In Chapter 7, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt. In Chapter 13 bankruptcy, you retain possession and ownership of all of your assets, but you have to give some portion of your future income to repaying your creditors. Usually, this is over a period of three to five years.
If you do decide to file bankruptcy in California, you need to decide whether Chapter 7 or Chapter 13 bankruptcy is best for your situation. A California bankruptcy attorney can help you in making this decision if you are unsure which bankruptcy is best for you.
Chapter 7 bankruptcy is designed to give relief to people with a lot of unsecured debt and who do not have sufficient assets or income to make good on that debt. Chapter 13 is intended to help you catch up on your past-due accounts, but Chapter 7 is meant to wipe the slate clean and give you a new start.
There are eligibility requirements you have to meet if you want to file Chapter 7 bankruptcy in California. Your income is compared to the median income in the state of California. If your income is lower, you can file Chapter 7. If your income is higher than the median, you may still qualify to file a Chapter 7.
In California, federal supplemental exemptions can by used in conjunction with your California exemptions when you file Chapter 7. California has two different sets of exemptions. You have to choose one or the other.
Some of the same items are on both sets of exemptions like a homestead and personal property, but the amounts and limits are different. A California bankruptcy attorney can help you to understand which of these two sets of exemptions will be best for you if you are filing Chapter 7 bankruptcy in California.
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Learn more about Bankruptcy Law in California:
- Bankruptcy in Anaheim
- Bankruptcy in Huntington Beach
- Bankruptcy in Long Beach
- Bankruptcy in San Jose
- Bankruptcy in Santa Ana
Need to File Bankruptcy in California?
If you have questions about Bankruptcy, please complete the form below. A local California Bankruptcy attorney will contact you and answer your questions for free. Don't wait -- Get Help Today!