Downtown Los Angeles Bankruptcy Attorney
Regardless of your job, economic status or past performance of your business, debt can accumulate quickly and cripple your business or ability to live a normal life. For downtown Los Angeles residents and businesses, they can call a downtown Los Angeles bankruptcy attorney at (888) 754-9877 to see if bankruptcy is a way out of the morass of too much debt.
Bankruptcy has eligibility requirements for consumers that a downtown Los Angeles bankruptcy attorney can check for you. In Chapter 7, businesses can proceed in an orderly dissolution with assets liquidated and proceeds used to pay creditors. Consumers can wipe out certain debt.
A Chapter 13 is a repayment process over several years for downtown Los Angeles individuals and sole proprietors, all of whom are permitted to hold on to their assets. For businesses struggling to satisfy creditor demands, a Chapter 11 can give them time to repay them at reduced amounts while reorganizing. Talk to a downtown Los Angeles bankruptcy attorney about how your business could get a second chance to get back on track.
Take the time and call a downtown Los Angeles bankruptcy attorney today about how bankruptcy can be a practical option for you.
Chapter 7 Bankruptcy
Unsecured debt like credit cards, hospital bills, personal loans and department store charges can quickly accumulate with their high interest rates and late penalties. Have a Chapter 7 Bankruptcy Lawyer show you how to wipe these out in a straight bankruptcy.
You must qualify to file a Chapter 7 by having income that is below the state median for your household or your disposable income is not too high.
Downtown Los Angeles consumers can exempt property from being surrendered in a Chapter 7 if your Chapter 7 Bankruptcy Lawyer can match them to available exemptions. Most debtors can protect their property but if not, your Chapter 7 Bankruptcy Lawyer can recommend other options.
Once you file, an automatic stay halts all civil proceedings including collector activities. Your Chapter 7 Bankruptcy Lawyer files a petition with your financial information that a trustee will review with you and your downtown Los Angeles lawyer at a 341 Meeting.
Most cases proceed without incident to a discharge about 90 days later.
Chapter 13 Bankruptcy
If you are not eligible to file Chapter 7 or have too many non-exempt assets, a Chapter 13 Bankruptcy Attorney may recommend you file under this chapter. Your Chapter 13 Bankruptcy Attorney drafts a plan to repay your creditors over 3 or 5 years. The plan can include arrearages for your mortgage, auto, student loan and child support payments. This can allow a downtown Los Angeles resident to prevent a home foreclosure or car repossession.
Although unsecured debt is within the plan, it can be discharged at the plan’s conclusion since it is the last paid. Let a Chapter 13 Bankruptcy Attorney explain how this debt can be erased.
Your Chapter 13 Bankruptcy Attorney can also reduce the value of some secured debt and save you money.
Chapter 11 Bankruptcy
At times, reorganization under Chapter 11 can revive the fortunes of some companies. A Chapter 11 Bankruptcy Lawyer can discuss the procedure for your business. If you are an individual ineligible to file under Chapter 7 or 13, a Chapter 11 Bankruptcy Lawyer can advise you on what you can expect.
In a typical case, a downtown Los Angeles bankruptcy lawyer submits a disclosure statement about the business after the case is filed before filing a detailed reorganization plan for creditor approval.
If the plan is confirmed, the business debtor continues with its daily affairs. If restructuring includes major business decisions such as streamlining, hiring specialists or re-doing its various agreements and contracts, it requires court approval.
Not all businesses emerge successfully, but numerous ones have achieved profitability within a few years.
Call a downtown Los Angeles bankruptcy lawyer today at (888) 754-9877 about the various bankruptcy options for your personal or business affairs.