Do you know the details of a bankruptcy or what it can do for you? Bankruptcy can be a logical solution for a Panorama City consumer or business owner wondering how they can get out from under a mountain of debt. Call a Panorama City bankruptcy attorney at (888) 754-9877 and schedule a meeting.

Consumers and most business entities may file under Chapter 7, 13 or 11 but there are eligibility requirements that a Panorama City bankruptcy attorney can outline. These include income and debt limits and if they had a prior filing. There are also financial disclosures that must be made.

The most common filing is Chapter 7. Panorama City consumers can discharge unsecured debt like credit card and medical bills while often retaining most or all of their assets. Businesses that file usually have to cease operations and surrender business or corporate assets. There are Chapter 7 Bankruptcy Lawyers who can answer questions about filing.

Chapter 13 is for debtors with large non-exempt assets who can keep them while repaying creditors over time. It can provide much needed respite for Panorama City residents who have fallen behind in creditor payments. Talk to a Panorama City bankruptcy attorney about its rules and requirements

Chapter 11 is mainly for corporations, LLCs and partnerships and is a much more complicated type of repayment process with many more formalities and input from creditors and the court.

If thinking about how bankruptcy might benefit you, call a Panorama City bankruptcy attorney today.

Chapter 7 Bankruptcy

Consumers whose income is below the state median for household size or whose disposable income is low enough may file Chapter 7 to get rid of unsecured debt like medical and department store bills, credit cards and personal loans. Businesses closing their doors file may file so as to dispose of their assets in a ordered manner though some businesses like personal service ones with few assets may continue to operate. A Chapter 7 Bankruptcy Lawyer will advise you or your business on this process.

A Chapter 7 Bankruptcy Lawyer prepares schedules of your assets, liabilities, current leases and contracts and household expenses. After filing, you and the Chapter 7 Bankruptcy Lawyer will meet with the trustee to review your petition. In most cases, no assets are relinquished and you will receive a discharge about 90 days later.

Chapter 13 Bankruptcy

If your income is too high or you have significant non-exempt assets, talk to Chapter 13 Bankruptcy Attorney. Homeowners risking foreclosure or who are in arrears on a car loan, student loan, alimony or support payment can also benefit. A Chapter 13 Bankruptcy Attorney drafts a repayment plan including these and other creditors so you pay them off in 3 or 5 years.

Your Chapter 13 Bankruptcy Attorney can also reduce the value of secured debt to market value within the plan. Creditors are paid in order of priority so unpaid unsecured debt may be discharged at the plan’s conclusion. Talk to a Chapter 13 Bankruptcy Attorney about how you may benefit.

Chapter 11 Bankruptcy

Chapter 11 can be expensive and difficult to navigate without a seasoned Chapter 11 Bankruptcy Lawyer. Corporations, LLCs, partnerships and smaller businesses if they wish can file under this chapter. Individuals with large debt who cannot file Chapter 7 or 13 and who have high incomes can file as well.

A Chapter 11 Bankruptcy Lawyer submits a reorganization plan with strategies and methods on how the company will achieve solvency. Certain creditors have to confirm the plan though the court can force it on them in some cases.

The debtor business continues its daily operations though major decisions to restructure such as shutting down some operations, breaking existing contracts and re-negotiating new ones and seeking financing must be court-approved. A Panorama City bankruptcy lawyer keeps the court advised of the company’s progress and files periodic reports and ensures certain administrative costs and fees are paid.

In a successful Chapter 11, a business or individual can emerge renewed. Talk to a Panorama City bankruptcy lawyer to see if Chapter 11 may be your solution.

Call a Panorama City bankruptcy lawyer at (888) 754-9877 about the bankruptcy process and what it can mean for you.