Why wait for judgment creditors to empty your bank account or to lose a home to foreclosure when there are solutions? Talk to a Burbank bankruptcy attorney at 818-381-9437 about how a bankruptcy can stop collection activities, discharge burdensome debt and get you or your business back on track.

Bankruptcy can help consumers businesses when they are facing financial turmoil. Chapter 7 can wipe out unsecured debt like credit cards, personal loans and medical bills and provide a more orderly dissolution for a business. Talk to a Burbank bankruptcy attorney to see if you qualify if a consumer.

Chapter 13 is a repayment program for Burbank consumers when a Chapter 7 is unavailable or not feasible. Arrearages in student loans, mortgages, car loans and child support can be consolidated into a repayment plan. See a Burbank bankruptcy attorney about how this could be a solution.

Larger businesses like corporations and partnerships struggling to stay afloat can file Chapter 11, another repayment program but far more complicated and involving more filing and reporting requirements. A Burbank bankruptcy attorney can see if your business is a suitable candidate.

Bankruptcy is not for every financial crisis but it has helped millions get out of debt. Call a Burbank bankruptcy lawyer about a consultation.

Chapter 7 Bankruptcy

Loss of a job or a catastrophic incident that severely impacts your financial status is the cause for most Chapter 7 bankruptcies. Consumers must qualify to file based on their income or amount of disposable income. A Chapter 7 bankruptcy lawyer will also evaluate your assets to see if you can retain all or most of them before filing. If feasible to file, then your Chapter 7 bankruptcy lawyer submits a petition listing your assets, liabilities, household expenses and executory contracts. These are later reviewed by a trustee who may ask you questions at the meeting attended by you and your Chapter 7 bankruptcy lawyer.

Most consumer Chapter 7 bankruptcies are discharged 4 to 6 months after filing. You do have certain obligations and disclosures to make when filing about which your Chapter 7 bankruptcy lawyer will advise.

Chapter 13 Bankruptcy

Chapter 13 is a repayment plan where creditors in order of priority are paid back over a 3 or 5 year period. A Chapter 13 bankruptcy attorney submits the plan after comparing your disposable income to your expenses and obligations. Past due mortgage payments, car loans and other payments are included in the plan. Your Chapter 13 bankruptcy attorney will advise you that you need to keep current on regular monthly payments to secured creditors.

The value of secured debt, other than your home, can be reduced to market value within the plan. If you are a sole proprietor, you can file as well and keep your business going. Talk to a Chapter 13 bankruptcy attorney about how it can work for your business.

If your plan needs revision due to an unforeseen event, inform your Chapter 13 bankruptcy attorney about a modification or other strategy.

Chapter 11 Bankruptcy

Corporations, LLCs and partnerships with enough assets to stay afloat but cannot pay off creditors can file under Chapter 11 reorganization. This is a complex process that a Chapter 11 bankruptcy attorney can explain that allows businesses to continue operating while paying off creditors, some at far less amounts than owed.

A Chapter 11 bankruptcy attorney submits a disclosure statement and reorganization plan for confirmation by equity holders and impaired creditors who will receive less than full value The plan provides for how each class of creditors is to be paid. If confirmed, the business may continue operating with the help of a Burbank bankruptcy lawyer who ensures that the numerous filings and reporting requirements are followed.

A small business that qualifies as a small debtor can file Chapter 11 though more oversight is required. Filing deadlines are different though it still must file certain financial documents. Small debtors do proceed faster in Chapter 11. Individual debtors ineligible due to income and debt limits to file Chapter 7 or 13 may file as well.

Call a Burbank bankruptcy lawyer to discuss your financial circumstances at 818-381-9437. A Burbank bankruptcy lawyer can counsel you and represent you at all stages of your filing.