Bankruptcy can help consumers and businesses under certain circumstances when debt becomes unmanageable and assets can be lost. Rubidoux residents and business owners can call a Rubidoux bankruptcy attorney at (844) 643-7109 to discuss how bankruptcy works.

In a Chapter 7, you can have debt like credit cards, medical bills, department store charges, personal loans, promissory notes, business debt, unpaid rent and utilities, payday loans and others discharged. A business can dissolve its operations and have its assets sold to pay off creditors in an orderly manner. A Rubidoux bankruptcy attorney will advise on what debt cannot be canceled.

Under Chapter 13, individuals and Rubidoux sole proprietors repay creditors over time. A Rubidoux bankruptcy attorney may advise you that this is a more practical and beneficial process for your financial situation.

A Rubidoux bankruptcy attorney may advise a business about Chapter 11, a repayment and reorganization proceeding. For any of these types of bankruptcy, consult a Rubidoux bankruptcy attorney and have one represent you if you elect to file.

Chapter 7 Bankruptcy

If a consumer, before you can file a Chapter 7 Bankruptcy Lawyer has to verity your eligibility based on your income. The Chapter 7 Bankruptcy Lawyer also will review your personal assets for non-exempt status or may advise other options.

Consumers also have to meet certain obligations that a Chapter 7 Bankruptcy Lawyer will assure are followed. Filing consists of a petition of your financial affairs prepared by a Chapter 7 Bankruptcy Lawyer that will be reviewed by a trustee at the 341a Meeting. Your Rubidoux bankruptcy lawyer will attend with you.

Most cases are discharged about 60 to 90 days following the meeting.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may determine that Chapter 7 is not appropriate or is unavailable for you. A Chapter 13 Bankruptcy Attorney will draft a plan containing your liabilities and arrearages for a mortgage, car, student loan, alimony or child support obligation that is to repaid over 3 or 5 years. Rubidoux sole proprietors may file also and include business debt if it was personally guaranteed.

You make a single monthly payment to a trustee. Secured creditors are paid first and unsecured creditors only if they would have received payment under a Chapter 7. A Chapter 13 Bankruptcy Attorney can also reduce the value of most secured debt to be included in the plan and save you money.

Discuss any issues regarding your monthly payments if some event makes it difficult to meet with your Chapter 13 Bankruptcy Attorney.

Chapter 11 Bankruptcy

Troubled businesses in Rubidoux may elect to file Chapter 11 with the assistance of a Chapter 11 Bankruptcy Lawyer or creditors may even force a business into an involuntary filing. A Chapter 11 Bankruptcy Lawyer prepares a disclosure statement for the creditors and a reorganization plan. Creditors who will receive less than full value for their debt along with equity holders vote to confirm or reject the plan.

Once confirmed, the debtor company continues its daily operations and has the power and responsibilities of a trustee regarding filing and reporting requirements. Its restructuring will usually need bankruptcy court approval for such decisions as breaking current contracts and other agreements, re-entering into new ones, hiring business specialists, downsizing to free up assets and others.

A Rubidoux bankruptcy lawyer will handle creditor concerns and file progress reports. Some individuals with substantial debt who cannot file Chapter 7 or 13 can file Chapter 11 after consulting with a Rubidoux bankruptcy lawyer.

For more questions about how bankruptcy can be a positive change in your life or business, call a Rubidoux bankruptcy lawyer at (844) 643-7109.