Glendale consumers and business owners have an advantage when it comes to getting sound and professional advice when debt becomes overwhelming and is disrupting their daily lives and business affairs. They can contact a Glendale bankruptcy attorney at 818-798-3452 and learn about how a bankruptcy can be a practical way to resolve debt issues.

Consumers can choose between a Chapter 7 and Chapter 13 in most cases depending on their eligibility, asset and financial situation that a Glendale bankruptcy attorney can review. A Glendale sole proprietor can file Chapter 7 or 13 while other businesses may dissolve their operations in Chapter 7 or elect to file for reorganization under Chapter 11.

A Glendale bankruptcy attorney can determine your eligibility to file as a consumer. If a business, an experienced and knowledgeable Glendale bankruptcy attorney can inform you about the dissolution process or what reorganization means.

If thinking about bankruptcy, contact a Glendale bankruptcy lawyer to get the advice you need to make an informed decision.

Chapter 7 Bankruptcy

Also called a “straight” bankruptcy, this is a proceeding where a trustee can cancel certain debts while selling non-exempt assets to pay creditors. Consumers are afforded certain equity in assets that are exempt from seizure that a Chapter 7 bankruptcy lawyer can determine for you.

Consumers are eligible to file if their income, expenses and debt make filing for Chapter 13, a repayment process, not feasible. Your Chapter 7 bankruptcy lawyer can make that determination after reviewing your affairs.

A Chapter 7 bankruptcy lawyer files a petition for you or your business listing assets, current income, debts, exempt property and other financial affairs including disclosure about property sold or transferred in the past 2 years.

Your only appearance is at a meeting with the trustee with your Chapter 7 bankruptcy lawyer to review your petition for non-exempt assets and certain financial transaction.

In most cases, debtors receive a discharge of their unsecured debt about 4 to 6 months after filing. Talk to your Glendale bankruptcy lawyer about how to handle secured debt.

Chapter 13 Bankruptcy

If your income, assets and expenses make it feasible, then a Chapter 13 bankruptcy attorney may advise you to file under this chapter. You repay creditors over 3 or 5 years based on your income and liabilities. Have a Chapter 13 bankruptcy attorney confirm this for you on how long your plan should be.

The repayment plan includes regular monthly payments for secured debts like a mortgage or auto as well as arrearages. Your Chapter 13 bankruptcy attorney can include past due amounts for a student loan or child support.

If some event makes continuing under the plan impractical, your Chapter 13 bankruptcy attorney can revise the plan or ask that your case be converted to a Chapter 7.

Chapter 11 Bankruptcy

Chapter 11 is generally a business reorganization. It is an expensive and technical process requiring the skills of an experienced Chapter 11 bankruptcy attorney. After filing, a Chapter 11 bankruptcy attorney prepares a disclosure statement for the creditors regarding the business and its plans to pay back creditors and to restructure. The plan itself is later filed by your Glendale bankruptcy lawyer that generally requires a vote of confirmation by certain creditors, though the court can force creditors to accept it.

The debtor business continues its day-to-day operations. Major decisions like downsizing, retaining specialists, breaking or modifying existing leases, agreements and contracts and seeking financing must be court-approved.

It can a few years for a business to emerge from Chapter 11. Small businesses may be fast tracked though they are subject to greater court supervision. Individual debtors with too much debt to qualify under Chapter 13 or who are ineligible under Chapter 7 may file as well.

Contact a Glendale bankruptcy lawyer today at 818-798-3452 to discuss how a bankruptcy can resolve serious debt and return you to solvency.