Chapter 7 Bankruptcy in San Jose
San Jose, California bankruptcy, Chapter 7, Chapter 11, and Chapter 13
The Law Offices of Gloria A. Florendo assist debtors in obtaining a fresh start through San Jose Chapter 7 bankruptcies. Chapter 7 is the most common form of bankruptcy. Individuals and businesses that are deeply in debt can resolve insolvency through liquidation and company dissolution or debt discharge (for individuals only).
San Jose Chapter 7 for businesses
Generally businesses filing Chapter 7 cease business operations. The trustee liquidates all assets and distributes the proceeds creditors. Under certain circumstances, the trustee may continue business operation if it is in the best interests of the creditors.
Not all Chapter 7 bankruptcies result in job loss. Sizeable corporations undergoing Chapter 7 may only liquidate certain stores or company departments, which investors buy so the company can pay off debt. Fully-secured creditors with collateral equal to or greater value than the debt maintain their right to assets during the bankruptcy process and do not participate in liquidation proceedings. In contrast to individuals filing Chapter 7, partnerships or corporations do not receive debt discharge under Chapter 7.
Chapter 7 in San Jose for personal bankruptcy
The court assigns personal Chapter 7 bankruptcies to a trustee who liquidates non-exempt assets and distributes proceeds to creditors. Assets exempt from liquidation vary individually, depending on the state where the debtor files bankruptcy.
Once the debtor meets all bankruptcy requirements and the trustee finalizes the liquidation and distribution of proceeds, the bankruptcy court discharges the debtor. The debtor’s liability specified debts ends, providing a fresh start.
Arrange a consultation to discuss a San Jose Chapter 7 bankruptcy
Please contact our San Jose law firm with your questions about San Jose Chapter 7. Provide as much information as possible regarding your inquiry. Find out how we can help you resolve your financial troubles. While the initial contact does not serve to establish an attorney-client relationship, it allows our legal team to begin an assessment of your case, and we can arrange a confidential, no obligation consultation.
Call 408-916-3040 or contact us online today speak with a skilled bankruptcy attorney about filing Chapter 7 San Jose.
A federally recognized Debt Relief Agency, the Law Offices of Gloria A. Florendo meets federal qualifications, working with individuals and businesses to file for bankruptcy relief under the Federal Bankruptcy Code, which includes Chapter 7, 11, and 13 bankruptcies.