If your personal finances have gotten out of hand or your business is experiencing extreme pressure to meet payroll and its debt obligations, then consider calling a La Habra bankruptcy attorney at (888) 754-9877.

Bankruptcy can help individual consumers, La Habra sole proprietors and other business entities by discharging certain debt or allowing them to repay creditors in installments, adjust their debts and reorganize their affairs and business structures with the assistance of a La Habra bankruptcy attorney.

A La Habra bankruptcy attorney handles the 3 most common types of bankruptcy–Chapter 7, 11 and 13. Set up a consultation with a La Habra bankruptcy attorney if you are considering bankruptcy or want more information on how it could help you out of your severe debt problems.

Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy Lawyer has to verify that your income and liabilities make you eligible to file. The Chapter 7 Bankruptcy Lawyer will also review your personal assets to see if they are exempt under the code. A La Habra business that wants to wind up will have its assets sold off so the trustee can pay off creditors though the business will have no further obligations to their creditors.

Before you file, the Chapter 7 Bankruptcy Lawyer will advise you on your obligations. Filing consists of a petition of your finances and liabilities as submitted by the Chapter 7 Bankruptcy Lawyer. You can be assured that the La Habra bankruptcy lawyer you retained will have properly advised you and handled any issues that could have arisen.

At discharge, you can cancel out debt such as credit card charges, medical bills, department store bills, personal loans, promissory notes, business debt, payday loans and repossession deficiencies among others.

Chapter 13 Bankruptcy

There are instances where a La Habra consumer will be ineligible to file or a Chapter 13 Bankruptcy Attorney advises that a Chapter 13 filing is more beneficial or appropriate. The Chapter 13 Bankruptcy Attorney also has to verify that your debts do not exceed certain amounts or your lawyer may advise other options.

A Chapter 13 Bankruptcy Attorney prepares a repayment plan for individual debtors or sole proprietors   that includes consumer debt and business debt that is personally guaranteed by the business owner. The Chapter 13 Bankruptcy Attorney may explain that this can help you avoid a foreclosure or a repossession by including the arrearages in the plan that you pay off in monthly installments over 3 years or 5 years in some cases.

Chapter 11 Bankruptcy

Chapter 11 is another repayment proceeding for corporations, LLCs and La Habra partnerships that wish to remain in business by submitting a plan formulated by a Chapter 11 Bankruptcy Lawyer to repay creditors, adjust their debt and reorganize their operations.

The reorganization plan places creditors in classes and advises how some of their debts are to be modified. Those impaired creditors vote to confirm or reject the plan if they deem it to be feasible, filed in good faith, is fair and equitable and is beneficial to them.

If confirmed, the debtor company resumes its daily business but has the power and responsibilities of a trustee regarding filing and reporting requirements that a Chapter 11 Bankruptcy Lawyer will ensure are followed.

The La Habra bankruptcy lawyer also handles creditor concerns. Any major business decisions affecting the company’s restructuring must be court approved before implementation.

With the assistance of a La Habra bankruptcy lawyer, smaller businesses can bypass some of the reporting and filing requirements. Also, individuals can file Chapter 11 under certain circumstances.

Call a La Habra bankruptcy lawyer at (888) 754-9877 if your debts have become unmanageable to see how bankruptcy might be a feasible solution.