Riverside Bankruptcy Attorney
There are no easy answers when facing financial adversity. Riverside residents experiencing severe setbacks in personal or business affairs can face a tough road back. But with the help of a Riverside bankruptcy attorney, you can take a major step forward toward ridding yourself of burdensome debt by calling (844) 643-7109.
There are 3 main types of bankruptcies. A Chapter 7 can erase unsecured debt that can be in the tens of thousands of dollars. If your business is struggling, you can either wind it up in Chapter 7 or continue operating under Chapter 13 if a sole proprietorship, or reorganize under Chapter 11 if a corporation or partnership. Consult with a Riverside bankruptcy attorney before filing about what debts can be erased and if you might lose certain property.
Chapter 13 can also benefit homeowners in danger of foreclosure and Riverside consumers who are behind in car payments, student loans, alimony and child support and even taxes. Discuss this with a Riverside bankruptcy attorney.
A Chapter 11 should only be handled by an experienced Riverside bankruptcy attorney. Before you fall behind further or have assets seized, call a Riverside bankruptcy lawyer.
Chapter 7 Bankruptcy
Riverside consumers who are contemplating Chapter 7 do need to qualify. A Chapter 7 Bankruptcy Lawyer will see if your income for your household size is below the state median or that your disposable income is not above certain limits. If eligible, you must attend a debt counseling class before filing. Your Chapter 7 Bankruptcy Lawyer can then file your petition listing debts, assets, household expenses and various contracts and leases and other transactions. As soon as you do file, an automatic stay halts all collection activities.
Your Chapter 7 Bankruptcy Lawyer will accompany you to meeting with the trustee to review your petition for any issues that your Chapter 7 Bankruptcy Lawyer can usually address. If you have secured debt, you usually have the option of reaffirming or redeeming it. You can also return the secured collateral with no further obligations.
Before discharge, attend a financial management class. Within about 90 days after meeting the trustee, most debtors are granted a discharge.
Chapter 13 Bankruptcy
If you are not eligible for Chapter 7 or you might lose certain property like your home, car or other valuable assets, talk to a Chapter 13 Bankruptcy Attorney. Sole proprietorships can file and include business-related debts if they wish to remain open for business. A Chapter 13 Bankruptcy Attorney submits a repayment plan that pays creditors in order of priority over 3 or 5 years. You must have enough disposable income to qualify. Payments can include arrearages for a mortgage, car loan, student loan, alimony or child support. Debtors do have to keep loan payments current on a monthly basis as well and certain debts must be paid in full.
There are debt limits for filing but a Chapter 13 Bankruptcy Attorney can often get debtors under these amounts. If an unforeseen event disrupts payments, advise your Riverside bankruptcy lawyer.
Consult a Chapter 13 Bankruptcy Attorney about whether a Chapter 13 is a solution for you.
Chapter 11 Bankruptcy
Riverside businesses, corporations and partnerships may seek protection under Chapter 11 with the assistance of a Chapter 11 Bankruptcy Lawyer. A business may file on its own or be forced into it by creditors.
A Chapter 11 Bankruptcy Lawyer prepares a disclosure statement and then a reorganization plan for review and confirmation by creditors and equity holders. The plan must be feasible, in the best interests of creditors, be fair and equitable and proposed in good faith.
If confirmed, the business as debtor-in-possession carries on the daily operations but major decisions such as the sale of assets, shutting down of operations, modifying license and lease agreements and securing of new financing must be approved by the bankruptcy court.
Secured creditors are to be paid up at least to the value of their collateral but may only be paid a fraction of what is owed them. Businesses are either closed and sold off, merge with others or successfully reorganize.
Smaller businesses may fast track the system and avoid many of the rules and requirements for larger entities. Discuss this with a Riverside bankruptcy lawyer.
Call a Riverside bankruptcy lawyer today at (844) 643-7109 to discuss if bankruptcy is the right option for you.