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La Mirada Bankruptcy Attorney

When a business investment or decision turns sour or a sudden illness or injury incapacitates you, debt can pile up quickly. A job layoff is another reason for busting a budget leading to unmanageable debt when another job does not materialize. In times like this, you can turn to a La Mirada bankruptcy attorney at (888) 754-9877.

La Mirada businesses and consumers can file Chapter 7 where debts can be discharged and assets sold to pay off creditors to some extent unless the assets are protected by certain exemptions available to consumers that a La Mirada bankruptcy attorney can review. As an alternative, individuals and sole proprietors can file Chapter 13 and pay back creditors in installments and retain all assets. Other businesses that do not want to dissolve their operations can seek Chapter 11 protection and reorganize with the assistance of a La Mirada bankruptcy attorney.

Consult with a La Mirada bankruptcy attorney if your debt situation has become out of hand to see how bankruptcy might be a feasible option.

Chapter 7 Bankruptcy

A La Mirada business wanting to wind down its operations can file Chapter 7, sell its assets to pay off creditors and discharge its debts without any deficiency obligations. Consumers cannot file unless their income does not exceed the state median or they pass a means test that a Chapter 7 Bankruptcy Lawyer can confirm. The Chapter 7 Bankruptcy Lawyer will also ensure that personal assets are exempt or may suggest Chapter 13.

The Chapter 7 Bankruptcy Lawyer will also advise you on your obligations before you file and before discharge. Filing consists of a Chapter 7 Bankruptcy Lawyer submitting a set of schedules of your finances for review by a trustee at a 341a Meeting that you and your La Mirada bankruptcy lawyer attend.

At discharge, you can cancel unsecured 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

Should a Chapter 13 Bankruptcy Attorney advise you that Chapter 7 is unavailable, you may elect Chapter 13. Your debts cannot exceed certain levels for secured or unsecured obligations that a Chapter 13 Bankruptcy Attorney can review.

Chapter 13 is a process where a Chapter 13 Bankruptcy Attorney drafts a plan for you to repay creditors over 3 years or 5 in some cases, adjust certain debt and discharge most unsecured debt. La Mirada sole proprietors are eligible to file and include business debt in the plan if they personally guaranteed it.

A Chapter 13 Bankruptcy Attorney can also have La Mirada consumers avoid foreclosures or other repossessions and include past due payments within the plan. Arrearages in alimony, student loans and child support may be in the plan as well.

Chapter 11 Bankruptcy

La Mirada partnerships, LLCs and corporations can file a Chapter 11 petition voluntarily or be forced into it involuntarily by creditors who meet certain requirements. A Chapter 11 Bankruptcy Lawyer can assess your business to see if this is a feasible option.

Under this proceeding, a Chapter 11 Bankruptcy Lawyer submits a reorganization plan that classifies creditors, adjusts debt and repays them over time while restructuring their operations. Impaired creditors will vote to confirm or reject the plan.

Under a confirmed plan, the debtor company continues its normal business but any major business decisions must be approved by the bankruptcy court before being put into place. A La Mirada bankruptcy lawyer files progress reports and ensures that other reporting obligations are followed.

With the help of a La Mirada bankruptcy lawyer, small businesses can forego some of the reporting and filing formalities. Individuals under some circumstances can file Chapter 11 as well.

Call a La Mirada bankruptcy lawyer at (888) 754-9877 for more information about how bankruptcy can be the solution you need.

La Mirada, CA 90637
909-927-8691