Fullerton residents and business owners who are feeling immobilized under crushing debt can call a Fullerton bankruptcy attorney at (888) 754-9877 to see how bankruptcy can offer them relief.

A Chapter 7 bankruptcy can erase certain debt such as credit card charges, medical bills, department store bills, personal loans, promissory notes, business debt, payday loans and repossession deficiencies among others. A Fullerton bankruptcy attorney can advise you on what debts are not dischargeable. If you are an individual, a Fullerton bankruptcy attorney will also determine your eligibility to file.

A business can dissolve and sell off its assets while the owner’s personal assets are protected if exempt. In some cases, a Chapter 13 may be more appropriate if a Fullerton bankruptcy attorney so advises.

In a Chapter 11, a Fullerton company can still maintain its operations while paying creditors over time and can reorganize.

Talk to a Fullerton bankruptcy attorney about how bankruptcy works for your particular circumstances.

Chapter 7 Bankruptcy

A Fullerton business that is struggling with debt and insolvency can start over again by dissolving its operations, discharging its debts and selling off its assets to pay off certain creditors to some extent without further obligations. If a consumer, a Chapter 7 Bankruptcy Lawyer needs to confirm your eligibility to file based on income and liabilities. The Chapter 7 Bankruptcy Lawyer will also review your personal assets for non-exempt status and advise you on what unsecured debts are dischargeable.

Should you elect to file, the Chapter 7 Bankruptcy Lawyer will advise you on your obligations before and after filing. Filing consists of a petition of your finances and liabilities prepared by a Chapter 7 Bankruptcy Lawyer. Your only appearance will be before a trustee at a meeting to review your petition  Your Fullerton bankruptcy lawyer will accompany you.

In most cases, you can expect a discharge of your debts about 4 months after filing.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may advise some Fullerton debtors that they stand to lose certain assets under Chapter 7 but that they can elect Chapter 13 provided their debts do not exceed a certain amount. A Chapter 13 is a repayment process where creditors in order of priority are paid back over 3 or 5 years. A Chapter 13 Bankruptcy Attorney prepares the plan for trustee approval.

A Chapter 13 Bankruptcy Attorney will include your liabilities as well as arrearages for mortgage, auto, student loan, alimony or child support payments in the plan whereby you make a single monthly payment to a trustee. The Chapter 13 Bankruptcy Attorney can also reduce the value of secured personal property to its replacement value for inclusion in the plan.

Unsecured debt, if it would not have been paid under a Chapter 7, is discharged when the plan’s payments are concluded

Chapter 11 Bankruptcy

A struggling Fullerton business may elect to file for protection and reorganization under Chapter 11 if a feasible plan that certain creditors feel is beneficial can be devised by a Chapter 11 Bankruptcy Lawyer. A Chapter 11 Bankruptcy Lawyer submits a disclosure statement to creditors regarding detailed information about the company. The Fullerton bankruptcy lawyer will also submit a reorganization plan for the creditors to confirm or not.

Should the plan be confirmed, the company is permitted to continue with its regular  business.operations. Its reorganization will generally include major business decisions such as downsizing, hiring certain business specialists seeking financing and breaking current contracts and agreements. These must be approved by the bankruptcy court before implementation. The Fullerton bankruptcy lawyer files progress reports for the court and ensures compliance with other rules.

Fullerton individuals with large debt who cannot file under Chapter 7 or 13 may elect Chapter 11 also after consultation with a Fullerton bankruptcy lawyer.

Call a Fullerton bankruptcy lawyer at (888) 754-9877 and learn how bankruptcy could be the solution to relieving you of burdensome debt.