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Bankruptcy is an option for individuals and businesses who are experiencing grave financial obligations problems that threaten their assets and incapacitates them in their ability to conduct normal personal or business affairs. Brea consumers and business owners in distress can call a Brea $795 Bankruptcy Lawyer Abogados de Bancarrota Brea at (562) 204-6694 to discuss their financial situation.

Bankruptcy is an option for individuals and businesses who are experiencing grave financial obligations problems that threaten their assets and incapacitates them in their ability to conduct normal personal or business affairs. Brea consumers and business owners in distress can call a Brea $795 Bankruptcy Lawyer Abogados de Bancarrota Brea at (562) 204-6694 to discuss their financial situation.

You do have a choice in the type of bankruptcy to file in most cases though consumers have to meet certain income and financial obligations limits that a Brea bankruptcy attorney can verify. Individuals and businesses can elect to file Chapter 7, a liquidation proceeding where certain debts are wiped out. Businesses with the help of a Brea bankruptcy attorney can dissolve their operations and sell off assets to creditors Individuals can opt to file Chapter 13 where creditors are repaid over 3 or 5 years and can retain their assets. Businesses can seek to reorganize and emerge solvent under Chapter 11, a more complex repayment proceeding that involves many formalities and more court involvement. You will need the advice of a Brea bankruptcy attorney regarding the type of bankruptcy that is suited to your financial circumstances. Brea bankruptcy attorneys handle all 3 of the main types of bankruptcy.

Chapter 7 Bankruptcy

Most s only attend a single meeting with the trustee who reviews your petition. Any issues can be handled by the Chapter 7 bankruptcy attorney. In most cases, you retain all your personal assets at the conclusion of your case. A discharge is usually granted about 4 to 6 months after filing with all unsecured financial obligations wiped clean. Talk to a $795 Bankruptcy Lawyer Abogados de Bancarrota San Jacinto attorney to see if this can work for you.

Chapter 13 Bankruptcy

Consumers and Brea sole proprietors can file under Chapter 13 if assets are in danger of being seized or surrendered or the individual is not eligible to file Chapter 7. This is a decision made in consultation with a Chapter 13 Bankruptcy Attorney. If you elect to file, a Chapter 13 Bankruptcy Attorney will file a repayment plan over a 3 or 5 year period. Secured creditors and those with priority are paid in full. With the assistance of a Chapter 13 Bankruptcy Attorney, Brea homeowners can avoid foreclosure or auto repossession with the arrearages included in the plan. Brea s make a single monthly payment to the trustee over the life of the plan. Secured property can be devalued by a Chapter 13 $795 Bankruptcy Lawyer Abogados de Bancarrota Brea Attorney that is included in the plan. Most if not all unsecured financial obligations is generally discharged when the plan concludes.

Chapter 11 Bankruptcy

A struggling business may contemplate filing for protection and reorganization under Chapter 11 if a feasible plan can be devised by a Chapter 11 Bankruptcy Lawyer. Under this filing, a Chapter 11 Bankruptcy Lawyer at the $795 Bankruptcy Lawyer Abogados de Bancarrota Brea submits a disclosure statement to creditors regarding detailed information about the company. The Brea bankruptcy lawyer will also submit the reorganization plan for the creditors to confirm or not. Creditors can also file competing plans. Should the plan be confirmed, the company is permitted to conduct its normal business. Its reorganization though will generally entail major business decisions such as downsizing, retaining business specialists and breaking current contracts and agreements that must be approved by the bankruptcy court. The Brea bankruptcy lawyer files progress reports for the court and ensures compliance with other rules. Individuals with large financial obligations who cannot file under Chapter 7 or 13 may elect Chapter 11 also after consultation with a Brea bankruptcy lawyer. Call a Brea bankruptcy lawyer at (562) 204-6694 for more information about how bankruptcy could be the solution to your financial obligations situation.