Korea Town Los Angeles Bankruptcy Attorney
Debt can be relentless. Interest and penalties on unpaid debt can rise quickly and you suddenly find yourself owing far more than the original obligation. Multiply that with other debt and you see no end in sight. Most debt resolution companies are scams or useless. Instead of another sleepless night, call a Korea Town bankruptcy attorney at (888) 754-9877.
Individuals and businesses can file for bankruptcy and erase certain debt or follow a repayment plan where assets may be retained. A Korea Town bankruptcy attorney can confirm a consumer’s eligibility to file either Chapter 7 or 13 based on income and liabilities. A business can either dissolve and sell off its assets to pay creditors or reorganize with the assistance of a Korea Town bankruptcy attorney.
If considering bankruptcy as a possible solution to financial troubles, consult a Korea Town bankruptcy attorney.
Chapter 7 Bankruptcy
Korea Town Los Angeles businesses and individuals can seek bankruptcy relief under Chapter 7 after being advised by a Chapter 7 Bankruptcy Lawyer. As a straight bankruptcy, unsecured debts such as credit cards, department store bills, personal loans and medical bills can be wiped out but business assets and a consumer’s non- exempt assets are sold to pay off creditors.
If eligible and filing is suitable, a Chapter 7 Bankruptcy Lawyer prepares a petition containing your financial affairs. You and the Chapter 7 Bankruptcy Lawyer meet with the bankruptcy trustee to review it and your financial transactions over the past 2 years. Your Chapter 7 Bankruptcy Lawyer will have prepared your petition so that any issues are typically negligible.
Your Chapter 7 Bankruptcy Lawyer can also advise you on handling secured debt that can be reaffirmed, redeemed or returned to the creditor. A final discharge of your unsecured debt is granted about 4 months after filing.
Chapter 13 Bankruptcy
Korea Town Los Angeles consumers and sole proprietors who wish to remain in business can proceed under a repayment process where creditors are paid back in 3 or 5 years pursuant to a plan drafted by a Chapter 13 Bankruptcy Attorney. If approved by the trustee, you make a single monthly payment.
Chapter 7 may be unavailable to some debtors or they risk losing significant assets. Also, if you face a home foreclosure or other property repossession, your Chapter 13 Bankruptcy Attorney may see that you can avoid these losses under Chapter 13. Mortgage and other arrearages can be included in the plan including student debt and past due alimony and child support payments.
Sole proprietors in Korea Town Los Angeles can file and remain in business. They can include business debt in the repayment plan if it was personally guaranteed. Talk to a Chapter 13 Bankruptcy Attorney about the procedure.
Your Chapter 13 Bankruptcy Attorney can also reduce the value of some secured debt to its market value and include that in the plan. If you make all the payments in the plan, any unsecured debt unpaid will be discharged. Consult a Korea Town bankruptcy lawyer for more information.
Chapter 11 Bankruptcy
Korea Town Los Angeles businesses striving to stay solvent can elect to file Chapter 11 or be forced into it by a creditors. A Chapter 11 Bankruptcy Lawyer submits a disclosure statement for creditors and stakeholders with information about the business so that they can make an informed decision about whether to confirm or reject a proposed reorganization plan.
The Chapter 11 Bankruptcy Lawyer files the plan for reorganization that creditors who are receiving less than full value may confirm or reject. If confirmed, the business continues operating but implementation of the reorganization strategy must be court-approved. Your Korea Town Los Angeles bankruptcy lawyer files progress reports for the court and deals with creditor issues.
Smaller businesses can file but are subject to greater court supervision though they may avoid some of the formalities and emerge more quickly from bankruptcy. Individuals ineligible under Chapter 7 or 13 can file as well upon the advice of a Korea Town bankruptcy lawyer.
Call a Korea Town bankruptcy lawyer at (888) 754-9877 to get all the information you need about bankruptcy.