Consumers who risk loss of assets from civil judgments or who can no longer meet debt obligations may consider calling an Altadena bankruptcy attorney at (888) 754-9877.

Your bankruptcy options can be explained by an Altadena bankruptcy attorney. The type of bankruptcy you may file under depends on your eligibility and status as well as the nature of your assets and debts. Altadena businesses can dissolve their operations under Chapter 7 or remain open and reorganize under Chapter 11. Consumers ineligible under Chapter 7 can repay creditors and adjust debt under Chapter 13.

Any of these options need to be evaluated by a Altadena bankruptcy attorney. An Altadena bankruptcy attorney can handle all 3 of the most common types of bankruptcy for both individuals and businesses.

Chapter 7 Bankruptcy

Chapter 7 allows for the orderly dissolution of a business. Its assets are sold to pay creditors but usually to a limited degree. Altadena consumers can discharge most unsecured debt like credit cards, medical bills, department store charges, payday loans, personal loans and promissory notes. A Chapter 7 Bankruptcy Lawyer will advise you on what debts are non-dischargeable.

Personal assets are also evaluated by a Chapter 7 Bankruptcy Lawyer to see if they can be exempted. If not, the Chapter 7 Bankruptcy Lawyer will suggest other options.. There are income limits for consumers that may disqualify some from filing Chapter 7 or you may not pass the alternative means test. If so, your Chapter 7 Bankruptcy Lawyer may advise you on filing Chapter 13.

Consumers also have obligations before and after filing that a Altadena bankruptcy lawyer can explain.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may suggest this type of bankruptcy relief if your income makes you ineligible for Chapter 7 or you have substantial assets that are not exempt. This is a repayment proceeding where you make a single monthly payment over 3 years, or 5 years in some cases, to pay secured and other priority creditors.

Your Chapter 13 Bankruptcy Attorney may find that you can avoid home foreclosure or loss of a valuable item to repossession by filing. Your Chapter 13 Bankruptcy Attorney can include these arrearages in the plan along with past due alimony, student loan and child support payments.

The Chapter 13 Bankruptcy Attorney can also adjust most secured debt in the plan that can save you considerable sums. Any unsecured debt that would not have been paid in a Chapter 7 is discharged.

Chapter 11 Bankruptcy

Altadena businesses wanting to avoid dissolution can file Chapter 11 if a Chapter 11 Bankruptcy Lawyer deems it feasible. Under this proceeding, a Chapter 11 Bankruptcy Lawyer submits a reorganization plan that deals with creditor obligations and proposes how the business can restructure its operations. Creditors are repaid over time but those whose debts will be paid at less than full value will vote on whether to confirm the reorganization plan.

Once confirmed, the Altadena business or company continues its normal operations and has control over its assets though any sale of major assets or equipment, or of any other major business decisions regarding restructuring, must be court approved before implementation.

An Altadena bankruptcy lawyer keeps the court advised of the company’s progress in repaying creditors and attaining solvency. Individuals may also file Chapter 11 under some circumstances after consulting with a Altadena bankruptcy lawyer.

Call an Altadena bankruptcy lawyer at (888) 754-9877 if you risk loss of assets or are drowning under extreme debt.