If you are wondering how you will be able to pay all your bills and not lose precious assets to judgment creditors, call an Arcadia bankruptcy attorney at (888) 754-9877. There are solutions that an experienced and knowledgeable Arcadia bankruptcy attorney can advise you on.

Chapter 7 allows eligible debtors to rid themselves of troublesome debt like credit cards, personal loans, department store and medical bills. If you have assets that you would have to surrender in a Chapter 7 or your income is too high, then repay your creditors in 3 or 5 years in a Chapter 13 and keep your assets. An Arcadia bankruptcy attorney can advise you on which chapter is best or available for you.

Businesses struggling to pay its workers, vendors and other obligations can file Chapter 13 if a sole proprietorship or Chapter 11 if it wants to reorganize while repaying creditors over time. Have an Arcadia bankruptcy attorney assess your business as a candidate for Chapter 11.

Arcadia bankruptcy attorneys handle all types of bankruptcies and can adequately and honestly advise you on your options.

Chapter 7 Bankruptcy

If your debt is too much to handle, talk to a Chapter 7 Bankruptcy Lawyer about having it discharged in Chapter 7. Businesses that are no longer viable have their assets liquidated to pay off creditors so they have no further obligations.

As an Arcadia consumer, you must qualify to file based on your income and amount of debt. Once a Chapter 7 Bankruptcy Lawyer verifies your eligibility, he or she will explain your obligations before and after filing.

Your Chapter 7 Bankruptcy Lawyer will file a petition for you listing your income, liabilities, expenses, executory contracts and certain financial transaction. The petition is later reviewed by a trustee with you and your Chapter 7 Bankruptcy Lawyer.

Most typical cases receive a discharge 4 to 6 months after filing. Talk to your Arcadia bankruptcy lawyer for more information.

Chapter 13 Bankruptcy

In this proceeding, debts are repaid in either 3 or 5 years pursuant to a repayment plan submitted by a Chapter 13 Bankruptcy Attorney. Some Arcadia debtors may not be eligible to file Chapter 7 or your Chapter 13 Bankruptcy Attorney may advise you that you can retain all your assets including cars, home, boat and other property that might have been surrendered in Chapter 7.

Payments are made to secured creditors first in order of priority. Your Chapter 13 Bankruptcy Attorney can advise you on how this works. Sole proprietors can file and include personal and business debt if it was personally guaranteed and continue in business.

If you keep making your single monthly payment to the trustee, any unsecured debt not paid off will be discharged once the plan’s payments are met.

Chapter 11 Bankruptcy

Arcadia businesses that do not want to dissolve can file Chapter 11, another but more complex repayment proceeding. A Chapter 11 Bankruptcy Lawyer submits a disclosure statement about the business and its plans to return to profitability and then files the plan itself. Creditors are informed about how they are to be repaid and the strategies the business hopes to follow.

Certain creditors vote to confirm or reject the plan if not feasible, fair or beneficial. If confirmed, the business stays operational but must get court approval if it wants to downsize, retain certain professionals, modify its contracts and leases on more favorable terms and seek financing.

Your Chapter 11 Bankruptcy Lawyer ensures that reporting and other filings are performed and deals with creditor issues.

Arcadia individuals with significant debt who cannot file under other chapters may file as well. Smaller businesses may qualify to bypass particular requirements. Your Arcadia bankruptcy lawyer can advise you accordingly.

Call an Arcadia bankruptcy lawyer at (888) 754-9877 today about the various forms of bankruptcy if you are having difficulties paying your debts.