Bankruptcy in California

Bankruptcy in California Filing for bankruptcy in California follows Chapters 7, 11 and 13 of the California bankruptcy law. These legal provisions apply to individual and corporate bankruptcy, liquidation, insolvency, reorganizations, and debt... More

Bankruptcy in California Filing for bankruptcy in California follows Chapters 7, 11 and 13 of the California bankruptcy law. These legal provisions apply to individual and corporate bankruptcy, liquidation, insolvency, reorganizations, and debt consolidation, among others. Aside from these specific items, California bankruptcy law are also applicable to credit after bankruptcy, re-establishing credit, credit card debt, foreclosures, repossessions, and garnishments, taxes and bankruptcy. You will also find specific rules on discharge of personal debts as well as corporate asset liquidation and reorganization. In every bankruptcy proceeding as dictated by federal law, the debtor goes through a liquidation of assets or reorganization under the supervision of the court. This will tend to be beneficial for the creditors or those whom the debtor owes money from. The debtor is then stripped of his debt by virtue of a "discharge". This means that the debtor s property that will be known Less