South Los Angeles Bankruptcy Attorney
When debt becomes unmanageable and you risk loss of assets or your business, South Low Angeles business owners and consumers can call a South Los Angeles bankruptcy attorney at (888) 754-9877 to discuss options and solutions.
Bankruptcy can relieve eligible South Los Angeles consumers from further obligations on debt such as credit cards, medical bills, department store bills, personal loans and even some taxes under Chapter 7. A South Los Angeles bankruptcy attorney can explain dischargeable and non-dischargeable debt.
Individuals who do not qualify or have too many non-exempt assets can file Chapter 13 that can hold off foreclosure and personal property repossession while repaying creditors for up to 5 years. Have a South Los Angeles bankruptcy attorney explain this procedure.
Businesses can find relief by repaying creditors over time while reorganizing their operations with help from an experienced South Los Angeles bankruptcy attorney.
Chapter 7 Bankruptcy
Chapter 7 allows consumers to discharge unsecured debt and retain personal assets if they match available exemptions that a Chapter 7 Bankruptcy Lawyer can review. The Chapter 7 Bankruptcy Lawyer can also confirm that your income or disposable income does not exceed certain limits so you can file.
South Los Angeles businesses have no eligibility criteria. All business assets are sold by the trustee to pay creditors in a dissolution procedure.
A petition detailing your financial affairs is filed by the Chapter 7 Bankruptcy Lawyer that is later reviewed by the trustee at a meeting at which you and your Chapter 7 Bankruptcy Lawyer attend. This will generally be your only required appearance though you will have to attend certain financial classes before and after filing that can be arranged by your South Los Angeles bankruptcy lawyer.
Your final discharge of your unsecured debts is granted about 90 days after this meeting.
Chapter 13 Bankruptcy
Some South Los Angeles debtors who do not qualify for Chapter 7 or whose Chapter 13 Bankruptcy Attorney has advised them, can elect to file Chapter 13. This is a repayment proceeding where a Chapter 13 Bankruptcy Attorney submits a plan including your liabilities to be paid over a 3 or 5 year duration. Secured creditors and those with priority are paid first and in full.
South Los Angeles sole proprietors can include business debt in the plan so long as they personally guaranteed payment. These business owners should consult a Chapter 13 Bankruptcy Attorney for more information.
Debtors can include past due mortgage, alimony, tax and child support payments. A Chapter 13 Bankruptcy Attorney will help determine if the plan is feasible for you.
Stick to the plan and your debts will be paid off. Unsecured debt is usually discharged under Chapter 13. Talk to a South Los Angeles bankruptcy lawyer for more information.
Chapter 11 Bankruptcy
If your corporation or partnership is struggling to remain profitable and unable to pay its creditors, have a Chapter 11 Bankruptcy Lawyer assess its potential for revival under Chapter 11.
Chapter 11 is a reorganization proceeding where a Chapter 11 Bankruptcy Lawyer submits a disclosure statement that provides sufficient information to creditors about a potential reorganization and also the reorganization plan itself. Creditors who will be impaired by the reorganization vote on confirming it or not.
If confirmed, the business may continue its operations. Major business decisions such as shutting down operations, selling assets, hiring specialists and modifying leases, licenses and contractual arrangements are court approved.
Smaller businesses may be able to dispense with certain formalities though they are subject to more court monitoring. Filing and reporting requirements are handled by your South Los Angeles bankruptcy lawyer.
If you have questions about bankruptcy, call a South Los Angeles bankruptcy lawyer at (888) 754-9877.