Bankruptcy may not be the only option for your financial situation but it may be the best solution. To find out, call a Studio City bankruptcy lawyer at (888) 754-9877.

Chapter 7 is for any business that wants to dissolve its operations in an orderly manner or for Studio City consumers wishing to unburden themselves of unsecured debt like credit cards, department store bills, personal loans, medical bills and some tax obligations. A Studio City bankruptcy lawyer will see if you meet eligibility criteria.

Chapter 13 is for individuals who cannot file Chapter 7 or for whom it will not be of benefit. A Studio City bankruptcy lawyer will how you can avoid foreclosure or repossession and pay back arrearages on student loans, alimony and child support.

If your corporation, LLC, partnership or small business wishes to reorganize, consult a Studio City bankruptcy lawyer about Chapter 11. This is a complicated repayment and restructuring process that has revived many troubled businesses.

Chapter 7 Bankruptcy

Struggling Studio City consumers who may have lost a job or are incapacitated can find some respite in a Chapter 7. A Chapter 7 Bankruptcy Lawyer confirms your eligibility based on your income and expenses. After you complete a debt counseling class arranged by your Chapter 7 Bankruptcy Lawyer, he or she files a petition outlining your liabilities, value of assets, existing contracts and certain financial transactions. A notice of meeting with the trustee is sent to you that you will attend with your Chapter 7 Bankruptcy Lawyer.

In most cases, you can retain all your assets or you may have to surrender some non-exempt assets. Your Chapter 7 Bankruptcy Lawyer will have previously advised you on what to expect.

Most businesses that file wish to dissolve and understand they can lose its assets but owners can still retain personal assets if they file separately. Consult a Studio City bankruptcy attorney about a business dissolution.

Chapter 13 Bankruptcy

If Chapter 7 is not advised or you are not eligible, then a Chapter 13 Bankruptcy Attorney may advise you about a Chapter 13. A Chapter 13 Bankruptcy Attorney files a repayment plan for 3 or 5 years that first pays back secured creditors with priority. You can include arrearages in mortgages, car loans, student loans and others. Some secured debt can be reduced to market value. Talk to your Chapter 13 Bankruptcy Attorney about how this works.

Once the plan is concluded, any unsecured debt is discharged. Consult a Chapter 13 Bankruptcy Attorney about whether your situation calls for this type of bankruptcy protection.

Chapter 11 Bankruptcy

Any business and some individuals can file for Chapter 11 reorganization, though it can be very expensive to file and administer. Consult a Chapter 11 Bankruptcy Lawyer first to see if this process could revive your business.

A business can elect to file or be forced into it involuntarily by creditors. Your Studio City bankruptcy attorney will initially file a disclosure statement for the creditors on how your business can work its way back to sustainability. Your Chapter 11 Bankruptcy Lawyer then files a reorganization plan that places creditors into classes and indicates how they will be paid. Impaired creditors vote on its feasibility, good faith, fairness and benefit to them.

If not confirmed, a plan can be “crammed down” on them by the court or the filing is converted to Chapter 7. If confirmed, the business continues to operate. Any major restructuring or business decisions must be court-approved. Your Studio City bankruptcy attorney keeps the court advised of the business’ progress.

Small businesses are under more supervision but costs can be lower and the process fast-tracked. Individuals with large debt who cannot file under Chapter 7 or 13 may file also.

If you are considering bankruptcy, call a Studio City bankruptcy attorney at (888) 754-9877 about how we can assist you.