Debt nightmares can plague any individual or business. You may find yourself paying only the interest on certain debts, if at all, laying off workers and making excuses about why you can’t pay your debts. You may also be facing a looming home foreclosure or auto repossession. But you do have choices and one is to call a Eagle Rock bankruptcy attorney at 818-630-9129.

With the help of an Eagle Rock bankruptcy attorney, bankruptcy can ease the debt problems of Eagle Rock consumers and business owners. They can file for straight bankruptcy under Chapter 7 or repay creditors over time and save their homes or autos. Eagle Rock businesses can seek protection under Chapter 11 and reorganize, reviving their troubled fortunes. Ask an Eagle Rock bankruptcy attorney about how you can pay back creditors over time.

Don’t wait any longer for debt to keep accumulating with no relief in sight. Call an Eagle Rock bankruptcy attorney today.

Chapter 7 Bankruptcy

Consumers who want to wipe out debt like credit cards, department store charges, medical bills, personal loans and most payday loans must meet certain income criteria. A Chapter 7 bankruptcy lawyer can see if you are eligible to file. If so, the Chapter 7 bankruptcy lawyer will also examine your assets and match them to available exemptions.

If you elect to file, your Chapter 7 bankruptcy lawyer will have you complete a debt counseling class before submitting a petition of your financial affairs. This will be reviewed at a later meeting with you and your Chapter 7 bankruptcy lawyer. Your only other obligation is completing a financial management class before your unsecured debt is discharged.

Businesses that are winding up will have their assets sold by the trustee and creditors paid off with no further obligations by the debtor business. Talk to an Eagle Rock bankruptcy lawyer about how dissolutions work.

Chapter 13 Bankruptcy

Not all Eagle Rock consumers may be eligible to file Chapter 7. A Chapter 13 bankruptcy attorney can assess that and may recommend Chapter 13 if you stand to lose valuable assets because of no exemptions or you have fallen behind in mortgage or auto payments.

A Chapter 13 bankruptcy attorney prepares a plan for you to repay creditors over 3 or 5 years. Your plan can include past due payments on your mortgage or car as well as for student loans, taxes, alimony and child support. You make a single monthly payment to a trustee who distributes it in order of priority.

A Chapter 13 bankruptcy attorney can also reduce the value of much secured debt to its market value for inclusion in the plan. If a sole proprietor, you can include business debt if you personally guaranteed it. See a Chapter 13 bankruptcy attorney about this type of relief.

Chapter 11 Bankruptcy

An experienced Eagle Rock bankruptcy lawyer will assist businesses who elect to file Chapter 11 or who are forced into it by creditors. A Chapter 11 bankruptcy attorney submits for creditor review and confirmation a disclosure statement that gives information about the business and a reorganization plan.

Certain creditors and equity holders vote to confirm the plan. Once in place, the business can operate while the Chapter 11 bankruptcy attorney handles creditor issues. The business is allowed to break existing leases and contracts and negotiate new ones, sell assets, hire specialists and seek investors and financing, but all with prior court approval. Creditors are paid back over time.

Small Eagle Rock businesses and individuals may file with the assistance of an Eagle Rock bankruptcy lawyer as the process has some differences for them.

Call an Eagle Rock bankruptcy lawyer at 818-630-9129 about ending debt nightmares and getting your life back on track.