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Sunland Bankruptcy Attorney

A Sunland bankruptcy attorney can answer all your questions about bankruptcy. If you reside in Sunland or have a business and are experiencing financial difficulties because of overwhelming debt, call a Sunland bankruptcy attorney at 818-473-0426.

Chapter 7 can wipe out unsecured debt like credit card, medical and department store liabilities. Talk to your Sunland bankruptcy attorney about eligibility. Chapter 13 allows Sunland consumers to retain all their assets and allows them time to repay creditors including mortgage holders and auto loan companies among others. As a Sunland businessperson, a Chapter 11 permits businesses to reorganize and pay back creditors over time.

Consult an experienced Sunland bankruptcy attorney today about the bankruptcy process.

Chapter 7 Bankruptcy

Sunland consumers are eligible to file if their income and household size is below the state median or their disposable income is low enough. A Chapter 7 bankruptcy lawyer will examine your assets to see if most or all may be exempt or if they risk forfeiture to the trustee for sale.

After taking a debt counseling class, a Chapter 7 bankruptcy lawyer will help you prepare schedules of your financial affairs in a petition. Once filed, an automatic stay halts all creditor activity including phone calls or asset seizures.

Along with your Chapter 7 bankruptcy lawyer, you will later meet with the bankruptcy trustee who reviews your petition to see if there are non-exempt assets or issues related to certain transactions. Your Chapter 7 bankruptcy lawyer will have you well-prepared.

A discharge notice is sent about 90 days after the meeting, canceling all unsecured debt.

Businesses in Chapter 7 have their assets liquidated in a orderly fashion. See your Sunland bankruptcy lawyer about business dissolutions.

Chapter 13 Bankruptcy

If you are not eligible for Chapter 7 or risk loss of valuable assets in Chapter 7, a Chapter 13 bankruptcy attorney may advise the wage earner plan or Chapter 13. Under Chapter 13, you keep all assets and repay secured creditors with priority over 3 or 5 years. The repayment plan filed by a Chapter 13 bankruptcy attorney can include overdue mortgage and car loan payments as well as alimony, student loan and child support payments. Your Chapter 13 bankruptcy attorney can also reduce the value of secured debt like a car to its market value.

If you follow the plan, then any unsecured debt is discharged at its conclusion. If applicable, ask your Chapter 13 bankruptcy attorney about lien stripping on a second mortgage.

Chapter 11 Bankruptcy

Struggling Sunland businesses and even individuals can file for Chapter 11 protection, a reorganization process similar to Chapter 13 but much more intricate. A Chapter 11 bankruptcy attorney will need to assess your business before filing a disclosure statement outlining the business’ assets and liabilities and other information about its finances. In 4 or, in some cases, 18 months, the Chapter 11 bankruptcy attorney files a reorganization plan that classifies debts and indicates how these will be paid. Plans are confirmed or rejected on a vote by certain creditors.

Most plans include downsizing the business and liquidating some assets. Although the business can continue operations after filing, major business decisions like selling assets, hiring professionals and modifying contracts must be court approved. Your Sunland bankruptcy lawyer files progress reports and ensures the business complies with other requirements.

A business can be successful if its plan is feasible, has sound management and finds financing and markets to keep it solvent. Consult with a Sunland bankruptcy lawyer if you are considering Chapter 11 as a business or individual.

Call a Sunland bankruptcy lawyer today at 818-473-0426 and schedule a consultation if you are facing financial troubles from too much debt.

Sunland CA 91040
818-473-0426