Find a Bankruptcy Lawyer in San Jose, California
In San Jose, 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 San Jose, 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 San Jose attorney's advice is truly indispensable.
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Types of Bankruptcy in San Jose, California
There are three basic bankruptcy schemes that are most commonly used in San Jose: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in San Jose, California will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
Under Chapter 13 bankruptcy in San Jose, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. 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.
A major advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.
How Can a San Jose Bankruptcy Lawyer Help?
The decision to file for bankruptcy in San Jose is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced San Jose bankruptcy attorney.
There are 630 Bankruptcy, Banking and Credit cases posted in San Jose
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest CA Cities
Life in San Jose
San Jose, California is a large city filled with families, universities, young professionals trying to make it in the Silicon Valley, and a diverse population! Some of San Jose's most visited attractions are the Children's Discovery Museum, Happy Hollow Park and Zoo, the HP Pavilion Center, the Tech Museum, San Jose Museum of Art, History Park, Winchester Mystery House, J. Lohr Winery, and Plaza de Cesar Chavez Park.San Jose is also filled with great dining areas such as Santana Row, and great shopping with many malls such as Westfield's Valley Fair and Oakridge Shopping Centers. San Jose is also home to the Silicon Valley, an area that gave birth to companies such as Apple and Google, and a great place for small start-ups. Therefore, there is something for every type of professional in Silicon Valley.
To serve the Silicon Valley's legal needs, many law firms have office locations located in, or near, San Jose. These firms house some of the sharpest legal minds in the country. All in all, no legal need goes unattended in San Jose, California.
