Mid-Wilshire Los Angeles Bankruptcy Attorney
Mid-Wilshire Los Angeles residents can call a Mid-Wilshire Los Angeles bankruptcy attorney at (888) 754-9877 if they are experiencing or are concerned about intractable debt issues that are disrupting their lives or businesses.
Bankruptcy is a means for eligible consumers to discharge certain debt or to repay creditors under certain circumstances under the guidance and representation of a Mid-Wilshire Los Angeles bankruptcy attorney. Businesses can dissolve their operations, sell its assets and pay creditors at less than full value or repay creditors at adjusted amounts over time and reorganize. A Mid-Wilshire Los Angeles bankruptcy attorney can counsel you on how bankruptcy might be the solution for your debt problems.
Mid-Wilshire Los Angeles bankruptcy attorneys represent both consumers and businesses in bankruptcy matters.
Chapter 7 Bankruptcy
Under the guidance of a Chapter 7 Bankruptcy Lawyer, a straight bankruptcy can be filed by individuals or businesses. Consumers can have certain debt wiped out such as credit card charges, department store bills, medical bills, payday loans, some taxes, personal loans and promissory notes among others. Business debt can also be wiped clean though a business will have to sell its assets.
A Chapter 7 Bankruptcy Lawyer has to confirm that an individual meets certain income criteria. The Chapter 7 Bankruptcy Lawyer will also evaluate your personal assets to see what exemptions are available.
Mid-Wilshire Los Angeles Individuals have certain obligations that a Chapter 7 Bankruptcy Lawyer will ensure compliance so that they can file and later have their debts discharged. After you and your Mid-Wilshire Los Angeles bankruptcy lawyer meet with a trustee to review your petition, your discharge should come about 60 days later.
Chapter 13 Bankruptcy
If a Mid-Wishire Los Angeles debtor does not qualify to file or risks losing valuable assets, a Chapter 13 Bankruptcy Attorney will explain or recommend Chapter 13. This is either an option or a more beneficial process, especially for debtors who would surrender certain assets in Chapter 7.
Individuals and Mid-Wilshire sole proprietors can use Chapter 13. A Chapter 13 Bankruptcy Attorney files a plan where secured creditors and those with priority are paid back in 3 years, or 5 years in some cases. All assets are retained. By filing, your Chapter 13 Bankruptcy Attorney can see that a foreclosure proceeding is halted as well as all other collection activities.
Debtors make a single monthly payment to a trustee pursuant to the plan that includes secured liabilities and arrearages for a mortgage, auto, student loan or court-ordered support payments.
A Chapter 13 Bankruptcy Attorney can adjust most secured debt under the plan and save you considerable money.
Chapter 11 Bankruptcy
A Mid-Wilshire Los Angeles business can file Chapter 11 after consultation with a Mid- Wilshire Los Angeles bankruptcy lawyer. A Chapter 11 Bankruptcy Lawyer files a reorganization plan that places creditors in classes and informs them how their debts are to be paid. If their debts are paid at less than full value, they vote to confirm or reject the plan.
If the plan is confirmed, the debtor business retains control over its assets and operations without trustee oversight in most cases. Its reorganization, though, will require court approval if it involves major business decisions such as selling major assets or equipment or wants to implement other material changes.
A Mid-Wilshire Los Angeles bankruptcy lawyer files progress reports with the court and ensures compliance with filings and other formalities. Individuals can also file if they are ineligible under Chapter 7 or 13.
Call a Mid-Wilshire Los Angeles bankruptcy lawyer at (888) 754-9877 for additional information on how bankruptcy can be a debt solution.