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Bankruptcy may not be for everyone or every business, but for many Long Beach consumers and business owners, it can provide the protection and relief from burdensome financial obligations that they need. Call a $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach to find out if bankruptcy can help.

Bankruptcy may not be for everyone or every business, but for many Long Beach consumers and business owners, it can provide the protection and relief from burdensome financial obligations that they need. Call a $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach to find out if bankruptcy can help.

For Long Beach residents with consumer financial obligations and smaller businesses with business debts, Chapter 7 can ease their burdens by discharging unsecured loans, department store bills, medical bills and credit card obligations. Talk to Long Beach bankruptcy attorney to see if you might lose certain assets if filing.

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Chapter 13 is a wage earner’s plan for s ineligible for Chapter 7, sole proprietors, those who have assets they could lose in Chapter 7 and who are in arrears in their mortgage, car and student loans, support and alimony payments. See if you can file by talking to a Long Beach bankruptcy attorney.

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Corporations, LLCs, other businesses and individuals who cannot file under Chapter 7 or 13 may file Chapter 11. A seasoned Long Beach bankruptcy attorney handles these filings that involve complex procedures, filings and other formalities.

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Before you file, be sure to consult a $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach about which filing is right for you.

Chapter 7 Bankruptcy

Individual Long Beach consumers have to qualify to file Chapter 7. Their income may not exceed the state median or have disposable income over a certain amount that a Chapter 7 lawyer can assess . If eligible, s take a financial obligations counseling class before filing. Your petition will be prepared by a Chapter 7 lawyer who will list your debts, assets, existing contracts and leases and household expenses. Certain transactions are listed as well.

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Unsecured financial obligations is discharged in a Chapter 7 and most s retain all their personal assets. For secured debt, you may return the secured collateral, reaffirm the financial obligations or redeem it. Business debts owed by sole proprietorships may be discharged as well. Talk to your Chapter 7 lawyer about bankruptcy for small businesses.

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Your $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach will discuss the process and requirements of a Chapter 7 with you.

Chapter 13 Bankruptcy

Long Beach consumers ineligible for Chapter 7 or who wish to retain certain non-exempt property should consider Chapter 13 after talking to a Chapter 13 lawyer. A sole proprietor can file under this chapter as well and remain open. Chapter 13 is a wage earner’s plan where your Chapter 13 lawyer submits a repayment plan for the trustee’s approval. You do need sufficient income to meet the plan’s payments over a 3 or 5 year duration that a Long Beach bankruptcy lawyer can determine.

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The plan can include overdue payments for mortgages, car loans, student loans, court-ordered alimony and support obligations and employee wages if a small business . Creditors are paid in order of priority.

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There are financial obligations limits that can make you ineligible to file but your $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach can review these. Consult with a Chapter 13 lawyer about how a Chapter 13 works.

Chapter 11 Bankruptcy

Struggling partnerships, corporations and LLCs can file for reorganization under Chapter 11 with the assistance of a Chapter 11 lawyer. After your Long Beach bankruptcy lawyer files a disclosure statement concerning the business, he or she files a reorganization plan for confirmation by creditors and equity holders. The plan should be beneficial to creditors and provide a credible or feasible path to solvency.

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If the plan is confirmed, the business continues to operate but may, with the approval of the bankruptcy court, break existing leases and contracts, modify or negotiate new ones. Often, the business is downsized with layoffs and sales of assets. In many cases, businesses are sold or liquidated. For others, this approach can restore viability.

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Under the direction of a Chapter 11 lawyer, a small business can be placed on a fast track and avoid many of the formalities required of larger entities. Speak to a Long Beach bankruptcy lawyer regarding the costs, benefits and possible outcomes of a Chapter 11.

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Bankruptcy can provide considerable relief for many s. Call a $795 Bankruptcy Lawyer Abogados de Bancarrota Long Beach to discuss if bankruptcy is right for your situation.