San Diego Bankruptcy, what is it?

All San Diego bankruptcy, including a Chapter 13 bankruptcy are legal proceedings that are presided over by federal law. Filing a bankruptcy permits individuals and businesses to legally reduce, restructure or completely wipe out their debts, provided they meet stringent and specific requirements.  These cases are heard in specialized federal courts called bankruptcy courts.  Bankruptcy laws are federally mandated, but each state has specific laws identifying exempt property, and the individual filing bankruptcy may choose whether to use the federal exemption or his state exemption.

There are a number of chapters of the Bankruptcy Code, but the three main ones are 7, 11, and Chapter 13.  Personal bankruptcies are most commonly filed under Chapters 7 and 13.  Chapter 7 bankruptcy allows individuals to eliminate much of their debt by liquidating non-exempt property to repay creditors, and Chapter 13 bankruptcy permits them to keep all of their property, but they must repay all or a portion of their debts over a set time period, most commonly three to five years.

Businesses may also file for bankruptcy under Chapter 7.  However, if a company wants to stay in business, it must reorganize its debts and use business income to repay its creditors, most often under Chapter 11. You can call us to discuss our San Diego Bankruptcy Services and how they pertains to your situation.

Whatever your financial situation may be, the best way to know your options is to contact the law office of Craig Trenton for a consultation today.  If you or someone you know is facing serious financial challenges, Craig Trenton can guide you through the complicated legal maze of California bankruptcy law.  The law office of Craig S.Trenton specializes in the following Bankruptcy codes including chapter 12.

Corporate Bankruptcy

Chapter 7- Liquidation under the Bankruptcy Code

Chapter 11- Reorganization under the Bankruptcy Code

Personal Bankruptcy

Chapter 7- Liquidation under the Bankruptcy Code

Chapter 11- Reorganization under the Bankruptcy Code

Chapter 13- Individual Debt Adjustment