When financial issues create extreme anxiety in your personal or business affairs, you need solutions that can get you back to normal and on a path to success. Bankruptcy is a possible answer for Hemet consumers and businesses but first consult with a Hemet bankruptcy attorney at (844) 643-7109 about which type could benefit you.

Hemet bankruptcy attorneys handle Chapter 7, 13 and 11 petitions. Chapter 7 is for individuals, couples and businesses. It is a liquidation process since creditors are not paid back and you can discharge unsecured debt such as credit cards and medical bills and return secured property without further obligations. Debtors do have to qualify to file based upon income. If eligible, your Hemet bankruptcy attorney will explain other requirements before and after filing.

Chapter 13 is a wage earner’s plan whereby you do repay creditors over a set period of time while retaining your assets. Sole proprietorships, debtors with substantial non-exempt assets or who face home foreclosure may file as can consumers ineligible to file under Chapter 7. Seek advice from a Hemet bankruptcy attorney about this procedure.

Chapter 11 is used by corporations and other large businesses to reorganize and restructure their operations while paying back creditors. A Hemet bankruptcy lawyer files a reorganization plan that provides a blueprint for the business’ return to viability.

Call an Hemet bankruptcy lawyer at (844) 643-7109 about which type of filing could be the solution you need.

Chapter 7 Bankruptcy

Filing any bankruptcy puts a stop to creditor harassment, lawsuits and seizures. Before you can file, you have to have earn less than the state median or see if a means test disqualifies you based on your income, various debts and expenses. Your Chapter 7 Bankruptcy Lawyer can assess this for you.

If you qualify and then complete a debt counseling course, your Chapter 7 Bankruptcy Lawyer will file a petition listing your assets, debts, expenses, existing contracts and leases. Assets that are exempt from seizure by the trustee include a car, furniture, clothing, home and work equipment. Some non-exempt items could be converted on the advice of a Chapter 7 Bankruptcy Lawyer.

After you and your Chapter 7 Bankruptcy Lawyer attend a meeting with the trustee, most bankruptcies conclude about 60 to 90 days later with a full discharge of unsecured debt.

Chapter 13 Bankruptcy

If you have assets that are not exempt, are facing foreclosure or loss of a car or have fallen behind on support or alimony, consider a Chapter 13 filing after discussing this with a Chapter 13 Bankruptcy Attorney. Debtors ineligible to file Chapter 7 and sole proprietorships wanting to stay in business may file as well.

Chapter 13 is repayment process where you need to have a steady source of income sufficient to repay your secured and other creditors with priority over a 3 or 5 year period. A plan is drafted by a Chapter 13 Bankruptcy Attorney for approval by a trustee. This can include arrearages in mortgage, student loans, taxes or car payments but you must make your regular monthly payments for these debts.

If your payments are interrupted by an illness, injury or loss of income, your Chapter 13 Bankruptcy Attorney can work to revise the plan. When concluded, any unsecured debt not paid off is discharged. The intricacies of this can be explained by your Chapter 13 Bankruptcy Attorney.

Chapter 11 Bankruptcy

Hemet corporations, partnerships and individuals with substantial debt who are not eligible to file Chapter 7 or 13 may file under Chapter 11. A Chapter 11 Bankruptcy Lawyer has about 4 months t to submit a reorganization plan for confirmation by creditors who review it for feasibility, fairness, good faith and if it is in their best interests.

Once a plan is confirmed, the bankruptcy court approves major business decisions such as expanding or ending certain operations, selling assets, breaking leases and other contracts and negotiating new ones. Creditors are paid back though some may not receive full value.

A Chapter 11 Bankruptcy Lawyer can fast track a small business so that certain reporting and filing requirements need not be followed. A Hemet bankruptcy lawyer can advise you on the procedures.

Call a Hemet bankruptcy lawyer today at (844) 643-7109 about the different types of bankruptcy and how you might benefit.