San Jose Bankruptcy Attorney

Types of Bankruptcy Services We Offer

We can assist by:

• Chapter 7 Bankruptcy: Chapter 7, or liquidation bankruptcy, is designed for individuals or businesses facing severe financial difficulty with little to no disposable incomes. In this type of bankruptcy, your non-exempt assets could be sold off to pay creditors. However, many assets are protected under exemptions, allowing you to keep your home, vehicle, and essential personal property. Chapter 7 is often the fastest route to discharging unsecured debts like credit card debt, medical bills, and personal loans.
• Chapter 13 Bankruptcy: Chapter 13 bankruptcy is a reorganization plan that allows individuals with regular income to develop a repayment plan over three to five years. This option is ideal for those who want to keep their home or car and have the capability to catch up on missed payments. By restructuring your debts into manageable payments, Chapter 13 provides an opportunity to pay off a portion of your debts while retaining important assets.
• Chapter 11 Bankruptcy: For businesses facing overwhelming debt but wishing to stay operational, Chapter 11 bankruptcy offers a path forward. This process allows companies to reorganize their debts and continue operating while creating a repayment plan to satisfy creditors. We work closely with business owners throughout the Chapter 11 process, helping them achieve financial stability while preserving their business.

Key Advantages of Filing for Bankruptcy

The benefits may include:

• Immediate Relief from Creditor Harassment: Once you file for bankruptcy, an automatic stay is put in place. This legal injunction stops all collection activities, including phone calls, wage garnishments, lawsuits, and repossessions. You will no longer have to endure the constant stress of creditor harassment, giving you immediate relief.
• Elimination of Unsecured Debts: One of the primary advantages of Chapter 7 bankruptcy is the discharge of unsecured debts, such as credit card balances and medical bills. This debt relief provides a clean slate, allowing you to move forward without the burden of excessive financial obligations.
• Protection of Assets: In both Chapter 7 and Chapter 13 bankruptcy, many of your assets are protected under state and federal exemptions. This means you can keep your home, car, and other valuable property while resolving your debt. Chapter 13 also allows you to catch up on missed mortgage or car payments and evade foreclosure or repossession.
• Financial Rehabilitation: Bankruptcy is designed to allow individuals and businesses to rebuild. Whether through Chapter 7 or Chapter 13, you can start fresh, rebuild credit, and regain control of your financial situation. While bankruptcy will appear on your credit report, it offers a way out of an unsustainable debt cycle and provides a clear path toward financial rehabilitation.