Fresno bankruptcy
Fresno is situated in the state of California in the United States. This place is no different from the other places in U.S and this is the reason why one finds many persons and companies declaring themselves bankrupt each year. The reasons for declaring the bankruptcy are also the same as they are in the various parts of the world. In Fresno also, a person has to file the application for the bankruptcy under the same provisions of the law as are applicable in the other parts of the United States. Let us discuss what are the laws of fresno bankruptcy that are applicable in Fresno.
Bankruptcy laws in fresno
The bankruptcy law that is applicable in Fresno is essentially the U.S bankruptcy law. A person or a company in fresno bankruptcy that wishes to declare itself bankrupt has to file the application as per the provision of the U.S bankruptcy law only. The various provisions under which the person or a company in Fresno can file the application for bankruptcy are:
Chapter 7: Any person, company etc that wishes to repay the outstanding amount of all its creditors and investors at once by selling the various non-exempt assets
it has, can easily file the application for the bankruptcy under the chapter 7 of the U.S bankruptcy law. It is to be understood here that the non-exempt assets are those assets that can be attached by the court of law. The bankruptcy court or other court of law dealing with the cases of bankruptcy appoints a person for the selling of the assets of the bankrupt company or the person. This person is known as the bankruptcy trustee. It is also to be noted here that once the bankruptcy trustee has closed the case after the repayment of all the creditors of the bankrupt debtor, he has to abandon all the remaining assets to the fresno bankruptcy debtor and he cannot make any claim on such assets what so ever. Any person or the company that files the application for bankruptcy under the chapter 7 has to start again from the dot. Thus, it can rightly be said that there is a new start for the company, person etc that files the bankruptcy application in Fresno under the chapter 7 of the bankruptcy.
Chapter 11: Any person or the company that wishes to repay its various creditors by means of the repayment program that is spread over the years has to file the application for the bankruptcy under the chapter 11 of the U.S bankruptcy law. In this case also, the bankruptcy trustee is appointed by the court and he observes the progress made by the company in repaying the creditors. One aspect that has to be noted here is that any decision taken by the company has to be approved by the bankruptcy court in Fresno and the company has to file the reorganization plan also while filing the application for the bankruptcy.
Thus, there are two chapters under which any person or company in Fresno can file the application for bankruptcy protection.
In Fresno also, a person has to take the counseling as well as bankruptcy education before filing for the bankruptcy.
There are many lawyers and attorneys in Fresno that take up the cases of bankruptcy. Let us discuss some of these in our next part of discussion.
Bankruptcy attorneys in Fresno
Finding a bankruptcy attorney in Fresno is really not a problem. There are many attorneys in Fresno to help the various persons and the companies that wishes to file for the bankruptcy protection. Any person can easily find a bankruptcy attorney by going through the yellow pages directory or by logging on to the various sites that contains all the necessary information about the various attorneys in Fresno. Some of the law firms, attorneys etc that take up the cases of bankruptcy in Fresno are:
Bedoyan Hagop T Caswell Bell and Hillison LLP: This law firm is situated at 5200 N Palm Ave Ste 211, Fresno CA 93704. A person finds the other law firms and attorneys at this address too. These are Bell James M Caswell Bell and Hillison LLP, Casewell G Thomas Jr Caswell Bell and Hillison LLP, and Cuttone Brian K Caswell Bell.
Eleazarian John P Attorney At Law: This attorney can easily be contacted at 7489 N 1st St STE 104, Fresno CA 93720.
Harris Justin D: This attorney can be contacted at 7110 N Fresno St, Fresno CA 93720.
Motschiedler Michaelides and Wishon LLP: Any person can contact this law firm at Fresno, CA 93790.
Given above are some of the attorneys that can be easily contacted in the cases of bankruptcy. The list of such attorneys in Fresno is long one and it is not possible to name them all there.
As far as exemptions are concerned, it is also to be noted here that a person gets the exemption in the various assets in Fresno also. These assets are basically the household goods, the homestead, and the veteran and unemployment benefits. If a person is getting any type of disability benefit in Fresno, it is also exempt from attachment in Fresno. The insurance is also exempt. One aspect that should be remembered here are that all these exemptions is not absolute. That is, it is not like that a person can keep all the household items or the full homestead. Rather, there is a limit in amount up to which exemptions in the assets are allowed. For getting all the information about these exemptions, a person can easily contact the bankruptcy court in California or any attorney in Fresno that takes up the cases of bankruptcy. The other point that is to be noted here is that these exemptions are relevant only if a person or a company in Fresno has filed the application under the chapter 7 of U.S bankruptcy law.
The other aspect that should be noted here is that if a company files the fresno bankruptcy protection application under the chapter 11 of the U.S bankruptcy law in Fresno, in order to implement its reorganization plan, its old shares listed on NASDAQ or Dow Jones would cease to be traded from the day, its reorganization plan is implemented and its new shares with new ticker starts trading on the exchanges. Thus, any person living in Fresno that wishes to purchase the share of any company operating in Fresno should take note of this aspect.
So, there are many attorneys in fresno Thus, if a person or a company wishes to file an application for the bankruptcy in Fresno, he has to file it under the various provisions of the U.S bankruptcy law. There are many law firms and attorneys in Fresno that are there for the help.
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