Who Can Exit Bankruptcy?
A San Jose bankruptcy attorney answers the Question: Who can exit bankruptcy, Chapter 7?
Answer: Anyone including corporations can exit chapter 7 bankruptcy.
The chapter 7 process is straight forward and allows a debtor to exit bankruptcy in a relatively expedited process. Generally, to exit bankruptcy in a chapter 7 the process involves three steps. First, a debtor takes a pre-filing counseling course. Next a debtor files their bankruptcy petition. Next, a debtor takes their post filing counseling course. Last, a debtor attends the 341 hearing. After the 341 hearing a debtor can generally sit back and wait for their discharge. To exit bankruptcy in a chapter 7 it’s that simple.
Question: Who can exit bankruptcy, Chapter 13?
Answer: Only individual debtors can exit Chapter 13 bankruptcy. The chapter 13 process is more complicated than Chapter 7. Chapter 13 consists of a “plan” that restructures a debtor’s debt. The “plan” must be confirmed by a judge. Generally, Chapter 13 plans last 3 or 5 years. During that time a debtor makes regularly scheduled payments to the appointed trustee for the duration of the plan. Once the plan is finalized a debtor then receives their discharge. While it is arguably a more tedious task to exit bankruptcy in a Chapter 13, there are often benefits to filing a Chapter 13 as opposed to a Chapter 7. An experienced attorney can help a debtor make this choice.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
