Best Bankruptcy Lawyers in Mountain View

About Bankruptcy Law in Mountain View, United States:

Bankruptcy is a legal process that allows individuals or businesses to seek relief from their debts that they cannot repay. In Mountain View, United States, bankruptcy laws are governed by federal law, specifically under Title 11 of the United States Code. Bankruptcy cases in Mountain View are typically filed in the United States Bankruptcy Court for the Northern District of California.

Why You May Need a Lawyer:

Bankruptcy can be a complex legal process with various rules and procedures that can be difficult to navigate on your own. A lawyer specializing in bankruptcy law can help you understand your options, guide you through the process, and represent your interests in court if necessary. They can also help you determine the best course of action based on your individual financial situation.

Local Laws Overview:

In Mountain View, United States, individuals and businesses can file for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy involves the liquidation of assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over a period of time. It is important to consult with a local bankruptcy attorney to understand the specific laws and regulations that apply to your case.

Frequently Asked Questions:

1. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves the liquidation of assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over a period of time.

2. Will I lose all my assets if I file for bankruptcy?

It depends on the type of bankruptcy you file and your individual financial situation. A lawyer can help you understand what assets may be at risk in a bankruptcy case.

3. How long does the bankruptcy process typically take?

The bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. In general, Chapter 7 bankruptcy cases can be completed in a few months, while Chapter 13 bankruptcy cases can take three to five years to complete.

4. Can I file for bankruptcy on my own, or do I need a lawyer?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal advice from a bankruptcy attorney to ensure that your rights are protected and that you understand the process fully.

5. Will my credit be ruined if I file for bankruptcy?

Filing for bankruptcy will have a negative impact on your credit score, but it is possible to rebuild your credit over time. A lawyer can provide guidance on how to start rebuilding your credit after bankruptcy.

6. What debts can be discharged in bankruptcy?

Most debts can be discharged in bankruptcy, including credit card debt, medical bills, and personal loans. However, certain debts such as student loans, child support, and taxes may not be dischargeable.

7. How much does it cost to file for bankruptcy?

The cost of filing for bankruptcy includes court filing fees and attorney fees. The total cost can vary depending on the complexity of your case and the attorney you choose to hire.

8. Can I keep my house if I file for bankruptcy?

Whether or not you can keep your house in bankruptcy will depend on various factors, such as the type of bankruptcy you file, the equity in your home, and your ability to continue making mortgage payments. A lawyer can help you understand your options regarding your house in bankruptcy.

9. What is the means test in bankruptcy?

The means test is a calculation used to determine if an individual qualifies for Chapter 7 bankruptcy. It compares your income to the median income in your state and considers your expenses to determine if you have enough disposable income to repay your debts.

10. What is the role of the bankruptcy trustee?

The bankruptcy trustee is responsible for administering the bankruptcy case, including reviewing your financial documents, overseeing the sale of any non-exempt assets, and distributing payments to creditors. It is important to cooperate with the trustee throughout the bankruptcy process.

Additional Resources:

If you are in need of legal advice or assistance with bankruptcy in Mountain View, United States, you may consider contacting the United States Bankruptcy Court for the Northern District of California or the State Bar of California for a list of reputable bankruptcy attorneys in your area.

Next Steps:

If you are considering filing for bankruptcy in Mountain View, United States, it is advisable to schedule a consultation with a bankruptcy attorney to discuss your options and determine the best course of action for your individual financial situation. A lawyer can guide you through the bankruptcy process, help you understand your rights, and represent your interests in court if necessary.