Is crushing debt keeping you up at night? Are you and your partner or spouse arguing about finances or concerned that your home may go into foreclosure? Many debt problems are not the result of careless spending but because of a business downturn, layoffs or sudden incapacity from an accident or illness.

Sherman Oaks business owners and consumers can call a Sherman Oaks bankruptcy attorney at (888) 754-9877 to discuss bankruptcy as a possible solution.

Sherman Oaks bankruptcy attorneys handle Chapter 7, 13 and 11 for consumers and businesses. These can help debtors cancel burdensome debt, prevent a foreclosure or auto repossession or enable a business to reorganize. Have a Sherman Oaks bankruptcy attorney confirm your eligibility to file.

A Sherman Oaks bankruptcy attorney will evaluate your finances, personal and business, to see if bankruptcy is a suitable option for you to consider.

Chapter 7 Bankruptcy

Chapter 7 is called a straight bankruptcy since unsecured debt is wiped out and assets can be sold off to repay creditors. Businesses that file must cease operations in most cases and have their assets sold. Your Chapter 7 Bankruptcy Lawyer can determine what assets are exempt from surrender if you are a Sherman Oaks consumer.

Your Chapter 7 Bankruptcy Lawyer also determines your eligibility based on your income and/or liabilities. If eligible, the Chapter 7 Bankruptcy Lawyer will advise you of your pre-filing and post-filing obligations.

The Chapter 7 Bankruptcy Lawyer will submit a petition of your finances for a trustee to review with you and your Sherman Oaks bankruptcy lawyer. You will then receive a discharge from the court in about 3 months effectively wiping out unsecured credit card, department store and medical cost debt as well as personal loans. Talk to your Sherman Oaks bankruptcy lawyer about your options on secured debt.

Chapter 13 Bankruptcy

Chapter 13 is a repayment program that allows Sherman Oaks individuals (and couples) to pay back creditors pursuant to a 3 or 5 year plan drafted by a Chapter 13 Bankruptcy Attorney. Your Chapter 13 Bankruptcy Attorney can include in the plan past due payments on your mortgage, car, student loan, alimony or child support payments. Unsecured creditors are paid last if at all.

Your Chapter 13 Bankruptcy Attorney can also reduce the value of secured personal property to market value. You do have to qualify to file but your Chapter 13 Bankruptcy Attorney can substantiate your eligibility. Sole proprietors in Sherman Oaks can file but may only include business debt that they have personally guaranteed.

Chapter 11 Bankruptcy

Struggling corporations and partnerships may seek Chapter 11 protection. This is a more involved repayment program that an experienced Chapter 11 Bankruptcy Lawyer should handle. Businesses can repay creditors over time and for less than full value for some creditors. These creditors vote on confirming a reorganization plan formulated by your Chapter 11 Bankruptcy Lawyer.

Once the plan is in place, the business continues its usual daily operations. The strategies outlined in the plan are implemented only with court approval if they involve major business decisions.

Small businesses can bypass some of the formalities involved but are held to stricter supervision. Individual debtors may file as well after consulting with a Sherman Oaks bankruptcy lawyer.

Call a Sherman Oaks bankruptcy lawyer today at (888) 754-9877. You can expect and rely on the honest assessment of your personal and business affairs with a Sherman Oaks bankruptcy lawyer.