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Browse our 4 legal articles about Restructuring & Insolvency in United States with practical legal information.
For Mill Valley residents and businesses, bankruptcy is handled in federal court, not by a city or county bankruptcy court. Marin County cases are within the U.S. Bankruptcy Court for the Northern District of California; the correct division and filing requirements depend on the debtor’s circumstances.
Legal help may involve Chapter 7 liquidation, Chapter 13 repayment for individuals with regular income, or Chapter 11 reorganization for businesses and some individuals. A lawyer can also assess non-bankruptcy options, such as negotiating with creditors or arranging a business workout, before a court filing becomes necessary.
Local financial pressures can include substantial housing costs, mortgage arrears, commercial rent, and uneven revenue for hospitality, retail, construction, and professional-service businesses. The right approach depends on income, assets, debts, guarantees, and whether creditors have begun collection or foreclosure proceedings.
Title 11 of the U.S. Code, the Bankruptcy Code. Enacted in 1978, it governs bankruptcy cases nationwide, including filings by Mill Valley residents and businesses. It sets out the main chapters, the automatic stay, discharge rules, and procedures for handling claims and assets.
Small Business Reorganization Act of 2019. Effective February 19, 2020, this federal law added Subchapter V to Chapter 11. It created a streamlined reorganization option for qualifying small businesses; eligibility and the current debt limit should be checked with counsel.
California Code of Civil Procedure exemption statutes. Sections 703.010 through 703.150 and 704.010 and following identify property exemptions under California law. California has opted out of the federal exemption list in 11 U.S.C. § 522(d), and a debtor generally must use an available California exemption system. The rules and exemption amounts can change, so current law matters.
No. Bankruptcy cases are filed in federal bankruptcy court, and Marin County is within the Northern District of California. The appropriate division and filing procedures should be confirmed with the court because assignments depend on the case.
In many cases, filing triggers an automatic stay that temporarily stops most collection activity. There are exceptions, and creditors can ask the court for permission to proceed, so the stay should not be treated as a permanent solution.
Chapter 13 may allow an eligible individual with regular income to propose payments that address mortgage arrears over time while maintaining ongoing payments. The result depends on income, the loan, the home’s status, and the feasibility of the proposed plan.
Possibly. Chapter 11, including Subchapter V for qualifying small businesses, may allow a business to propose a reorganization plan. Eligibility, financing, creditor support, and the ability to meet plan payments need careful review.
A company’s bankruptcy generally does not discharge an owner’s separate personal guarantee. The guarantor may need to consider individual bankruptcy or negotiate separately with the creditor.
That depends on the applicable California exemptions, asset values, liens, and the bankruptcy chapter. A lawyer should review property such as home equity, vehicles, tools, and retirement accounts before a filing.
Chapter 7 eligibility can depend on a means test and other statutory requirements. Chapter 13 generally requires an individual with regular income and debts within current statutory limits; those limits can change.
Fees vary with the chapter, complexity, assets, and disputes involved. Ask for a written explanation of the lawyer’s fee, court filing fees, payment timing, and any work that would cost extra.
Timing varies by chapter and by whether creditors dispute claims or plans. A straightforward Chapter 7 case may take several months, while a Chapter 13 plan commonly runs three to five years and a Chapter 11 reorganization can take longer.
It may be, particularly where the business can remain viable and creditors are willing to negotiate. A workout does not automatically stop lawsuits or collection, so compare its terms and risks with bankruptcy protections before agreeing.
Do not transfer assets or make unusual payments without legal advice. Bankruptcy law allows review of certain pre-filing transactions, and a trustee may seek to recover some transfers or payments.
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