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Bankruptcy can help consumers and businesses under certain circumstances when financial obligation becomes unmanageable and assets can be lost. Palm Springs residents and business owners can call a Palm Springs bankruptcy attorney at (760) 385-3555 to discuss how bankruptcy works.

Bankruptcy can help consumers and businesses under certain circumstances when financial obligation becomes unmanageable and assets can be lost. Palm Springs residents and business owners can call a Palm Springs bankruptcy attorney at (760) 385-3555 to discuss how bankruptcy works.

In a Chapter 7, you can have financial obligation like credit cards, medical bills, department store charges, personal loans, promissory notes, business debt, unpaid rent and utilities, payday loans and others discharged. A business can dissolve its operations and have its assets sold to pay off creditors in an orderly manner. A Palm Springs bankruptcy attorney at the $795 Bankruptcy Lawyer Abogados de Bancarrota Palm Springs will advise on what financial obligation cannot be canceled.

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Under Chapter 13, individuals and Palm Springs sole proprietors repay creditors over time. A Palm Springs bankruptcy attorney may advise you that this is a more practical and beneficial process for your financial situation.

A Palm Springs bankruptcy attorney may advise a business about Chapter 11, a repayment and reorganization proceeding. For any of these types of bankruptcy, consult a Palm Springs bankruptcy attorney and have one represent you if you elect to file.

Chapter 7 Bankruptcy

If a consumer, before you can file a Chapter 7 Bankruptcy Lawyer has to verity your eligibility based on your income. The $795 Bankruptcy Lawyer Abogados de Bancarrota Palm Springs also will review your personal assets for non-exempt status or may advise other options.

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Consumers also have to meet certain obligations that a Chapter 7 Bankruptcy Lawyer will assure is followed. Filing consists of a petition of your financial affairs prepared by a Chapter 7 Bankruptcy Lawyer that will be reviewed by a trustee at the 341a Meeting. Your Palm Springs bankruptcy lawyer will attend with you.

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Most cases are discharged about 60 to 90 days following the meeting.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may determine that Chapter 7 is not appropriate or is unavailable for you. A Chapter 13 Bankruptcy Attorney will draft a plan containing your liabilities and arrearages for a mortgage, car, student loan, alimony or child support obligation that is to repaid over 3 or 5 years. Palm Springs sole proprietors may file also and include business financial obligation if it was personally guaranteed.

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You make a single monthly payment to a trustee. Secured creditors are paid first and unsecured creditors only if they would have received payment under a Chapter 7. A Chapter 13 Bankruptcy Attorney can also reduce the value of most secured financial obligation to be included in the plan and save you money.

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Discuss any issues regarding your monthly payments if some event makes it difficult to meet with your $795 Bankruptcy Lawyer Abogados de Bancarrota Palm Springs.

Chapter 11 Bankruptcy

Troubled businesses in Palm Springs may elect to file Chapter 11 with the assistance of a the $795 Bankruptcy Lawyer Abogados de Bancarrota Palm Springs Lawyer or creditors may even force a business into an involuntary filing. A Chapter 11 Bankruptcy Lawyer prepares a disclosure statement for the creditors and a reorganization plan. Creditors who will receive less than full value for their financial obligation along with equity holders vote to confirm or reject the plan.

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Once confirmed, the company continues its daily operations and has the power and responsibilities of a trustee regarding filing and reporting requirements. Its restructuring will usually need bankruptcy court approval for such decisions as breaking current contracts and other agreements, re-entering into new ones, hiring business specialists, downsizing to free up assets and others.

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A Palm Springs bankruptcy lawyer will handle creditor concerns and file progress reports. Some individuals with substantial financial obligation who cannot file Chapter 7 or 13 can file Chapter 11 after consulting with a Palm Springs bankruptcy lawyer.

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For more questions about how bankruptcy can be a positive change in your life or business, call a Palm Springs bankruptcy lawyer at (760) 385-3555.