Find a Bankruptcy Lawyer in Santa Clara, California
In Santa Clara, 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 Santa Clara, 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 Santa Clara attorney's advice is truly indispensable.
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Types of Bankruptcy in Santa Clara, California
There are three basic bankruptcy schemes that are most commonly used in Santa Clara: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Santa Clara, 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.
The other form of bankruptcy most commonly used in Santa Clara 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.
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 Santa Clara Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Santa Clara is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Santa Clara bankruptcy attorney.
There are 86 Bankruptcy, Banking and Credit cases posted in Santa Clara
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Life in Santa Clara
Santa Clara, California is located in Santa Clara County in the heart of the Silicon Valley. Many advanced technology and semi-conductor companies are headquartered in the city, including Intel, McAfee, Applied Materials, and Agilent Technologies. Sun Microsystems and Oracle are also major employers in the area. The city of Santa Clara owns and operates its own electric utility facility called Silicon Valley Power. As a result, electricity rates are considerably cheaper in Santa Clara.Aside from its central role in the Silicon Valley semiconductor boom, Santa Clara, California is home to a diverse array of facilities. Buck Shaw Stadium is located in the city, and is home to the Major League Soccer team the San Jose Earthquakes. The San Francisco 49ers holds practices in Santa Clara and is also headquartered there. Great America, a popular amusement park in the Bay Area, is also located in Santa Clara. The city also hosts a number of outdoor events such as the Art & Wine Festival in September and Concerts in the Park.
Santa Clara is a major city for lawyers and attorneys, as the Santa Clara County Courthouse maintains a branch in the city. Many lawyers in Santa Clara, California received their legal education at Santa Clara School of Law. Santa Clara lawyers are available to assist clients in a diverse range of legal fields.
