Anaheim Bankruptcy Attorney
Individuals, married couples, sole proprietors and other business entities can face roadblocks when certain events disrupt careful financial planning or business plans. Bankruptcy is a procedure designed to help consumers and businesses that are drowning in debt and risking loss of assets to begin anew with a fresh slate. Anaheim individuals and business owners can get answers to bankruptcy questions by calling an Anaheim bankruptcy attorney at (888) 754-9877.
If an individual, bankruptcy requires you to meet certain income and liability criteria that a, an Anaheim bankruptcy attorney can review. Though business assets need to be sold to repay creditors in a Chapter 7 liquidation, personal assets can be exempt to a degree that an Anaheim bankruptcy attorney will review with you.
Sole proprietors and individuals can also file Chapter 13, a repayment procedure and debt adjustment plan. Other businesses and some individuals can elect to file Chapter 11, another repayment proceeding where creditors are repaid over time and the business can reorganize its operations.
An Anaheim bankruptcy attorney can handle all 3 of these common types of bankruptcy protection.
Chapter 7 Bankruptcy
Under straight bankruptcy, an Anaheim business or consumer can discharge unsecured debt though not all unsecured debt is dischargeable as a Chapter 7 Bankruptcy Lawyer will explain. While any business can dissolve its operations and sell off its assets to pay creditors to a a certain extent, an individual has to satisfy income criteria that a Chapter 7 Bankruptcy Lawyer can verify before being allowed to file.
Assets are at risk in Chapter 7 but consumers have exemptions available to them that a Chapter 7 Bankruptcy Lawyer can confirm. There are other obligations that consumers have regarding disclosure of financial information and attendance at debt and management classes that a Chapter 7 Bankruptcy Lawyer will advise you on.
Debts that can be erased in a Chapter 7 include credit cards, medical bills, department store charges, personal loans, promissory notes, payday loans and deficiencies owed.
Chapter 13 Bankruptcy
Anaheim sole proprietors and individuals can elect Chapter 13, a repayment process to creditors over 3 and sometimes 5 years that allows for adjustment of debt. There are limits on how much debt you can have that a Chapter 13 Bankruptcy Attorney will review.
A Chapter 13 Bankruptcy Attorney files the plan for the trustee’s approval that also confirms the debtor has a reliable source of income. This filing can help avoid foreclosures and repossessions and the arrearages included in the plan.
A Chapter 13 Bankruptcy Attorney can also adjust certain debt that can save you money. Anaheim sole proprietors in consultation with a Chapter 13 Bankruptcy Attorney can pay back secured creditors in the plan if it was personally guaranteed. Any unsecured debt that would not have been paid in Chapter 7 can be discharged.
Chapter 11 Bankruptcy
Struggling Anaheim businesses can elect Chapter 11 reorganization that also repays creditors over time and allows for adjustment of certain debts. If a Chapter 11 Bankruptcy Lawyer advises a business that reorganization is a feasible option and the company agrees to go forward, the Chapter 11 Bankruptcy Lawyer files a reorganization plan that classifies creditors and advises them on how much of their debt will be paid and how. Certain of these creditors vote to confirm or reject the plan.
A debtor company in Chapter 11 is allowed to continue its normal business operations and has control over its assets. However, to implement its restructuring plans, it needs the approval of the bankruptcy court. This can include expanding some operations, buying or merging with another company, hiring business specialists, selling off major assets and other material business decisions.
An Anaheim bankruptcy lawyer ensures the company complies with filing and reporting requirements. With the assistance of an Anaheim bankruptcy lawyer, smaller businesses and even some individuals can file and avoid some of the formalities.
Call an Anaheim bankruptcy lawyer at (888) 754-9877 about the bankruptcy process and how it could be a practical answer to your debt problems.