When a Duarte business is struggling or a Duarte homeowner or renter is faced with piles of debt letters and collection notices, perhaps its time to call a Duarte bankruptcy attorney at (888) 754-9877.

Consumers and businesses have options when it comes to bankruptcy when you talk to a Duarte bankruptcy attorney. Chapter 7 is a straight bankruptcy where certain debts can be erased. A business can dissolve without hassles from creditors and most consumers can retain their assets while getting rid of credit card and other unsecured debt.

Your Duarte bankruptcy attorney can advise you about Chapter 13, a repayment proceeding for individuals and sole proprietors where you pay back creditors over 3 or 5 years and without surrendering assets. Larger businesses can seek protection under Chapter 11 and reorganize their operations while paying back creditors over time. Consult a Duarte bankruptcy attorney about how your business could benefit.

Chapter 7 Bankruptcy

If thinking of Chapter 7, have a Chapter 7 Bankruptcy Lawyer confirm that your income or disposable income after expenses does not exceed state standards. Also, your Chapter 7 Bankruptcy Lawyer will assess your assets to see if you can retain most or all of them. If you elect to file, your Chapter 7 Bankruptcy Lawyer will file a petition for you detailing your finances and various transactions in the 2 years before you filed.

Your petition is reviewed by a trustee at a meeting with you and your Chapter 7 Bankruptcy Lawyer. Your Duarte bankruptcy lawyer will have prepared it with few if any issues. You can then expect to receive a discharge within the next 90 days of your unsecured liabilities such as credit cards, department store bills, medical bills, most payday loans and personal loans.

Duarte businesses that file must cease operations and have its assets sold off and proceeds distributed to creditors.

Chapter 13 Bankruptcy

Some Duarte consumers may not meet eligibility criteria for a Chapter 7 but may for Chapter 13 if a Chapter 13 Bankruptcy Attorney can confirm it. If so, a Chapter 13 Bankruptcy Attorney will draft a plan for you as a consumer or sole proprietor, if the business debts are personally guaranteed, that includes your liabilities.

As your Chapter 13 Bankruptcy Attorney will advise, a foreclosure or property repossession can be avoided once you file and can demonstrate you can keep your payments current. Arrearages for these debts as well as for student loans, car payments, alimony and child support can be included as well.

Discuss with a Chapter 13 Bankruptcy Attorney to see if this type of bankruptcy is feasible for you.

Chapter 11 Bankruptcy

Troubled businesses can seek Chapter 11 protection after your Chapter 11 Bankruptcy Lawyer advises you on how it affects your operations. Creditors may have already involuntarily forced a business into it. When it is filed, a Chapter 11 Bankruptcy Lawyer submits a disclosure statement and reorganization plan for creditors whose debts will be paid at less than full value for their consideration and confirmation.

The disclosure statement is to give creditors sufficient information so they can make a reasoned decision about whether to accept the reorganization plan. If it is confirmed, the business remains open and can implement its restructuring ideas although any major business decisions need court approval. During the proceedings, a Duarte bankruptcy lawyer files progress reports for the court.

For smaller Duarte businesses and individuals who wish to file Chapter 11, consult a Duarte bankruptcy lawyer about requirements.

Call a Duarte bankruptcy lawyer at (888) 754-9877 for all your questions about bankruptcy and what it could do for your financial situation.