If you live in the Los Angeles neighborhood of Tujunga and are experiencing financial troubles because of substantial debt, call a Tujunga bankruptcy attorney at 818-293-8544 for a consultation.

Get all the information you need for a Chapter 7, a liquidation process that can enable you to get rid of unsecured debt like credit cards and medical bills and allow businesses to dissolve quickly and easily. A Tunjunga bankruptcy attorney can confirm your eligibility

If a Tujunga bankruptcy attorney suggests or advises it, a Chapter 13 may be more suitable or it could be your only option if you are ineligible to file Chapter 7. This is a repayment process over several years but allows you to retain all your assets.

Tujunga businesses with troubling debt issues can file Chapter 11, a complicated form of Chapter 13 that allows your business to restructure with court approval. Talk to a Tujunga bankruptcy attorney about this complex procedure.

Chapter 7 Bankruptcy

Overwhelming debt creates anxiety and family discord. You may qualify to file if your Chapter 7 bankruptcy lawyer determines that your income and household size is below the state median, or your disposable income does not exceed a certain amount.

Provided you will not lose any or significant assets if you file, your Chapter 7 bankruptcy lawyer will arrange for a debt counseling class for you before filing a petition of your financial affairs. Upon filing, all creditor activity comes to a stop.

Within weeks, you and your Chapter 7 bankruptcy lawyer meet with the bankruptcy trustee to review your petition. In most cases, there are few issues but your Chapter 7 bankruptcy lawyer will handle any that arise.

Chapter 7 discharges your unsecured debt such as credit cards and department store bills, medical bill and personal loans. If a Tujunga business, its assets are liquidated and sold to pay off creditors.

Chapter 13 Bankruptcy

Sole proprietor’s inj Tujunga wanting to stay in business and individual consumers ineligible for Chapter 7 or who could lose significant assets in Chapter 7 can consider Chapter 13. A Chapter 13 bankruptcy attorney will advise you on its feasibility. Debtors do need a reliable source of income.

All debts including arrearages in your mortgage, student loan, auto, and court supported payments may be included as part of the plan, Your Chapter 13 bankruptcy attorney can save you money by de-valuing secured debt like your auto loan to its market value.

Your Chapter 13 bankruptcy attorney drafts a repayment plan that repays creditors in order of priority over 3 or 5 years. Talk to a Chapter 13 bankruptcy attorney about its benefits and requirements.

Chapter 11 Bankruptcy

Tujunga partnerships, LLCs and corporations suffering from poor business decisions or management can file for reorganization under Chapter 11. A Chapter 11 bankruptcy attorney will explain in detail the various formalities and obligations.

Chapter 11 allows businesses to continue operating while repaying creditors over time. A reorganization plan filed by your Chapter 11 bankruptcy attorney must be confirmed by certain classes of creditors whose debts have been modified or reduced.

With a plan in place, the business goes about its daily business but can break, modify or enter into new licensing, vendor, union and other contracts, hire specialists, downgrade its operations and seek financing provided the court approves.

Your Tujunga bankruptcy lawyer files the necessary progress reports and deals with creditor issues among others.

Individuals who cannot file under Chapter 7 or 13 may file but let a Tujunga bankruptcy lawyer discuss this with you first. Also, a Tujunga bankruptcy lawyer can counsel small businesses on how the process is different for them in terms of following formalities but emerging more quickly from the proceedings.

Call a Tujunga bankruptcy lawyer at 818-293-8544 today for answers to all your bankruptcy questions.