Can bankruptcy be the solution to your personal or business debt problems? Call a Mira Loma bankruptcy attorney at (844) 643-7109 to discuss how it can relieve you of certain debt and how it can affect your assets.

Chapter 7 can erase certain unsecured debt and allow debtors and businesses to reaffirm or return secured debt without further obligations although there are implications for non-exempt assets that a Mira Loma bankruptcy attorney can advise you on. Another option is Chapter 13 for individuals and sole proprietors to retain all assets while repaying creditors over time.

A business that does not wish to wind down its operations and dissolve can file Chapter 11 if a Mira Loma bankruptcy attorney so advises. This is also a repayment proceeding where creditors are repaid while the business goes through a reorganization.

A Mira Loma bankruptcy attorney handles all 3 of the most common types of bankruptcy.

Chapter 7 Bankruptcy

A Mira Loma consumer has to qualify for Chapter 7 and have a Chapter 7 Bankruptcy Lawyer verify eligibility. A Chapter 7 Bankruptcy Lawyer will also see if most or all personal assets are exempt. There are also certain obligations consumers have before and after filing that a Chapter 7 Bankruptcy Lawyer will ensure they follow.

Mira Loma businesses can dissolve their operations and have its assets sold to satisfy creditors to a certain extent.

A Chapter 7 Bankruptcy Lawyer will file a petition detailing the consumer’s assets, liabilities, monthly expenses and various transactions. These are reviewed by the trustee at a meeting with the consumer and Mira Loma bankruptcy lawyer.

In most cases, you will receive a discharge of certain debts within 4 months of filing.

Chapter 13 Bankruptcy

There are circumstances where a Chapter 13 Bankruptcy Attorney may advise you that your income disqualifies you for Chapter 7 or that it will not solve your debt problem. A Chapter 13 may be a solution if you stand to lose a home to foreclosure, a car to repossession or other assets under Chapter 7. Have a Chapter 13 Bankruptcy Attorney assess the feasibility of your filing.

A Chapter 13 Bankruptcy Attorney drafts a plan for you to repay primarily secured and other creditors with priority such as a tax agency, mortgage holder, recipient of child support or employees owed wages in a Mira Loma sole proprietorship. These arrearages can be included in the repayment plan where debtors make a single payment to the trustee for distribution.

A Chapter 13 Bankruptcy Attorney can also reduce the value of personal property to its replacement value and include that in the plan.

Chapter 11 Bankruptcy

A Mira Loma LLC, partnership or corporation can elect to file Chapter 11, which is a repayment and reorganization proceeding if a Chapter 11 Bankruptcy Lawyer deems it advisable or practical. The Chapter 11 Bankruptcy Lawyer submits a disclosure statement containing information for certain creditors who will vote to confirm a reorganization plan, also submitted by the Chapter 11 Bankruptcy Lawyer.

If confirmed, creditors are repaid over time to a certain extent and the company may resume its day-to-day operations. Its restructuring will have to be approved by the court if it entails a major business decision such as breaking existing agreements the company has with third parties and re-negotiating them as well as decisions to downsize.

A Mira Loma bankruptcy lawyer handles creditor concerns and provides the court with progress reports. Individuals can also file Chapter 11 under certain circumstances if advised by a Mira Loma bankruptcy lawyer.

Call a Mira Loma bankruptcy lawyer at (844) 643-7109 to discuss whether a bankruptcy could provide you a concrete solution to debt problems.