Best Bankruptcy Lawyers Milpitas, CA

Milpitas, CA Bankruptcy FAQs

• Where do I file for bankruptcy in Milpitas, California?

  Residents of Milpitas may file for bankruptcy at the United States Bankruptcy Court for the Northern District of California. Its nearest location is in the Robert F. Peckham Federal Building & United States Courthouse, 280 South 1st Street, Room 2112, San Jose, CA 95113.

• Where can I get bankruptcy forms in Milpitas, California?

  Residents of Milpitas may get bankruptcy forms at the official website of the United States Bankruptcy Court for the Northern District of California, which can be accessed here: https://www.canb.uscourts.gov/forms/district.

• How common are bankruptcy fillings in Milpitas?

  According to the case statistics published by the United States Bankruptcy Court for the Southern District of California, there have only been four bankruptcy fillings in 2023 so far for Santa Clara County, where Milpitas is located. In fact, there have been zero filings for Chapter 7, Chapter 11, and Chapter 13 bankruptcy from 2018 to 2022.

• Why is the state median income important for Milpitas bankruptcy filings?

  Residents of Milpitas who wish to file for Chapter 7 bankruptcy must not have their household income surpass that of the median household income in California, which is $84,097 as of 2021. As for Chapter 13 cases with a payment plan, the state’s median household income plays a part in calculating the amount and length of the debtor’s monthly payments.

• Will those filing for bankruptcy in Milpitas lose their homes?

  Because the median sale price of most homes in the Bay Area counties is over $1,000,000, debtors in Milpitas are unlikely to lose their homes when filing for bankruptcy, as the homestead exemption in California is a minimum of $300,000 or the countywide median sale price of a single-family home in the year prior to filing. The maximum is $600,000.

• Are property sales and transfers disclosed in a Milpitas bankruptcy case?

  In filing for bankruptcy in Milpitas, the debtor is obligated to disclose transfers of any personal and real property within the last two years. Additionally, the four-year statute of limitations under California’s Fraudulent Transfers Act allows bankruptcy trustees to seize any assets or funds involved in a fraudulent transfer made by the debtor within four years prior to filing.

• How can Milpitas residents improve their credit after bankruptcy?

  Those in Milpitas who have undergone the bankruptcy process and had their debts cleared by the court may rebuild their credit by taking out a secured credit card account, which may be easier to handle than a traditional credit card. They are also advised to stay on top of their credit card payments and periodically check their credit reports for errors.