Find a Bankruptcy Lawyer in Sunnyvale, California

Find the right Bankruptcy attorney in Sunnyvale, CA

In Sunnyvale, 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 advisable to speak with a good Sunnyvale, 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 Sunnyvale attorney's advice is truly indispensable.

Types of Bankruptcy in Sunnyvale, California

In Sunnyvale, California, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Sunnyvale, California will be roughly the same as everywhere else in America. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

Under Chapter 13 bankruptcy in Sunnyvale, 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 Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Sunnyvale Bankruptcy Lawyer Help?

Filing for bankruptcy in Sunnyvale is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Sunnyvale bankruptcy attorney for advice.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Sunnyvale

Sunnyvale, California is a major city in the Silicon Valley of the San Francisco Bay Area. It has a population of 140,000 and is an important contributor to the field of high-tech electronic and digital technology. Sunnyvale is home to several major high-tech companies, and consistently ranks as one of the safest cities in the entire country.

As early as the 1960's, major corporations have been moving to Sunnyvale, California to participate in the digital and electronic boom centered in the Silicon Valley. Companies such as Yahoo!, Advanced Micro Devices, and Palm, Inc. are headquartered in the city. Steve Wozniak, co-founder of Apple, grew up in Sunnyvale, where he was exposed to the innovation and technology in Silicon Valley.

Sunnyvale is a unique city in that it maintains a Department of Public Safety. This department is a single, unified body that trains all personnel to operate as police officers, firefighters, and emergency medical response teams. This arrangement helps contribute to the city's low crime and overall city. Sunnyvale also holds a number of community social events that provide residents with ample opportunities for recreation.

Lawyers in Sunnyvale, California practice law in a number of fields in order to serve the unique needs of the city's businesses and residents. Sunnyvale lawyers process many legal claims at the Sunnyvale branch of the Superior Court of California, County of Santa Clara.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY

Gotham Light