Chinatown Bankruptcy Attorney
Bankruptcy is a legal way of ridding yourself or your business of certain debt that may be impeding your ability to live a normal life or your business of realizing its goals. Much debt is caused by events beyond our control such as a job layoff, a serious illness or accident or a sound business decision that has turned sour. Chinatown residents experiencing severe debt problems can call a Chinatown bankruptcy attorney at (888) 754-9877.
A straight bankruptcy or Chapter 7 is available for eligible individuals and any China town business that wishes to wind up its operations and liquidate its assets. Consumers can exempt certain personal assets while discharging most unsecured debt under the guidance of a Chinatown bankruptcy attorney.
Another option for individuals and sole proprietors is a repayment proceeding under Chapter 13 where consumers can retain their assets and avoid collection activities like foreclosures or repossessions while making up the arrearages over a 3 year period. A Chinatown bankruptcy attorney will counsel you on this process.
Larger businesses and some individuals may file Chapter 11, a repayment and debt restructuring proceeding. Its complexities can be explained by a Chinatown bankruptcy attorney.
Chapter 7 Bankruptcy
Individuals who wish to file Chapter 7 need to have their income and liabilities evaluated by a Chapter 7 Bankruptcy Lawyer to be able or eligible to file. The Chapter 7 Bankruptcy Lawyer will also evaluate personal assets to determine their exemption status. Business assets are liquidated to pay off creditors.
Chinatown debtors can discharge business debt and consumer debt such as credit cards, medical bills, department store charges, payday loans, personal loans and promissory notes. A Chapter 7 Bankruptcy Lawyer will advise you on what debts are non-dischargeable.
Consumers also must complete certain classes before and after filing that can be arranged by a Chapter 7 Bankruptcy Lawyer. Your only appearance in most cases is before a trustee who will review your petition of your financial affairs. Your Chinatown bankruptcy lawyer will accompany you. Most cases are discharged within 4 months of filing.
Chapter 13 Bankruptcy
Should a Chapter 13 Bankruptcy Attorney advise that Chapter 7 would jeopardize some of your assets or you are ineligible to file, you may elect Chapter 13. Under this proceeding, a Chapter 13 Bankruptcy Attorney will file a plan for you to pay back secured and priority creditors in 3 years or 5 years in some cases.
Chapter 13 can halt a foreclosure so long as your Chapter 13 Bankruptcy Attorney can confirm that you have enough disposable income to keep mortgage and secured loan payments current. Arrearages are included in the repayment plan. A Chapter 13 Bankruptcy Attorney can adjust most secured debt under the plan that can result in considerable savings. Most unsecured debt is discharged at the plan’s successful conclusion.
Chapter 11 Bankruptcy
Troubled Chinatown businesses with considerable debt issues can seek protection from creditors and restructure its debt and business operations with the assistance of an experienced Chinatown bankruptcy lawyer.
A Chapter 11 Bankruptcy Lawyer prepares a reorganization plan whereby creditors whose debts are adjusted vote on whether to confirm the plan if they consider it feasible, filed in good faith, is fair and equitable and in their best interests. Creditors are paid back over time.
Under a confirmed plan, a debtor corporation, partnership or LLC retains its assets and resumes its normal business operations. Its reorganization plans must typically be court approved if they involve major business decisions such as selling major assets or equipment, re-negotiating contracts and other agreements and expanding operations.
Small businesses and some high-debt but high-worth individuals may file Chapter 11 after consultation with a Chinatown bankruptcy lawyer.
Call a Chinatown bankruptcy lawyer at (888) 754-9877 if you have extreme debt issues that need a practical solution.