A Look at California Bankruptcy Law

California bankruptcy law is based on federal law, however there are differences that make the state’s laws unique. If you are facing the possibility of bankruptcy, it is in your best interest to contact an attorney that is experienced with California bankruptcy law to help you regain control of your financial situation.

There are six different types of bankruptcy recognized under California bankruptcy law, but only a few are available to individuals. Though many people think that all bankruptcies are Chapter 11 filings, most individuals would not be eligible for Chapter 11. California bankruptcy law designates Chapter 11 bankruptcy for businesses and individuals with substantial assets.

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The Basics of Bankruptcy Law

Everyone has definitely heard of the term bankruptcy. However, its implications and the processes involved are not very clear for all. Although bankruptcy is a commonly mentioned term, it is not as simple as it seems.

How should bankruptcy be defined? In simple terms, it is a legal process that allows businesses or individuals who are stuck in financial crisis to settle their debts under a bankruptcy court’s protection. Thus, it is considered by most businessmen as a good option should they encounter major difficulties with their businesses.

The United States Bankruptcy Courts, which are under the District Courts, supervise and litigate all bankruptcy proceedings. The establishment of The United States Trustees was spearheaded by the Congress to take charge of supervisory and other administrative responsibilities that go with any bankruptcy proceeding.

These are the two types of bankruptcy that may be filed:

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Expert Advice from Bankruptcy Attorneys

Bankruptcy is not a simple process to go through. There are a lot of considerations and not everyone who desires to file for one is actually qualified.

Perhaps the wisest thing to do when bankruptcy filing is to seek for the assistance of a bankruptcy attorney who can definitely give expert advice and guidance on the entire process.

However, looking for the best bankruptcy attorney is not that easy. You may need to look into several information sources to be able to find one. Here are some ways by which you can solicit the expertise of the most appropriate attorney for your situation:

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