If your economic fortunes have hit a roadblock and relief is nowhere in sight, call a Buena Park bankruptcy attorney at 714-510-2647to see if bankruptcy might be a suitable option for you or your Buena Park business.

Sometimes temporary measures last longer than expected and you find yourself treading water. A Buena Park bankruptcy attorney might be able to sort things out for you by seeing if you can discharge certain debts in a Chapter 7 or pay back creditors in a Chapter 13 and avoid foreclosure, auto repossession or defaulting on a student loan or court-ordered support payments.

If your Buena Park business is incorporated or a partnership, a Buena Park bankruptcy attorney might advise a Chapter 11 reorganization to get your operation back on track and repay creditors over time.

It only takes a phone call and a consultation with a Buena Park bankruptcy attorney to see if and how bankruptcy can bring you much needed relief.

Chapter 7 Bankruptcy

If your debts are significant, have a Chapter 7 bankruptcy lawyer evaluate your income or disposable income for eligibility to file and then counsel you on what Chapter 7 can do for your situation. In some cases, you may have too many assets and a Chapter 13 may be more appropriate.

But if the Chapter 7 bankruptcy lawyer’s advice sounds reasonable and you can retain most if not all of your assets and discharge considerable debt, then retain a Buena Park bankruptcy lawyer. Your Chapter 7 bankruptcy lawyer will file a petition outlining your financial affairs after you complete a debt counseling class. In a month or two, you and your Chapter 7 bankruptcy lawyer will attend a meeting with the trustee who will review your petition. You will generally not have to attend any more meetings other than attend a financial management class before discharge. Call a Buena Park Bankruptcy Lawyer today.

At discharge, unsecured debt like credit cards, medical bills, department store bill and personal loans are discharged. See a Buena Park bankruptcy lawyer about a business Chapter 7 and how assets and certain debts are affected.

Chapter 13 Bankruptcy

If Chapter 13 is more appropriate for your needs according to a Chapter 13 bankruptcy attorney, then consider its benefits. If you face foreclosure on your home or auto repossession, then a Chapter 13 bankruptcy attorney can advise you if a repayment plan can rescue them.

The repayment plan, if approved by the trustee, has you repaying creditors in order of priority over 3 or 5 years. Some secured debt can be reduced to market value. You can include past due payments for student loans, alimony and mortgage payments so long as you can keep the monthly payments current. Your Chapter 13 bankruptcy attorney will explain how this works.

Any unsecured debt not paid at the plan’s conclusion is discharged, including second mortgages. A Chapter 13 bankruptcy attorney will advise you on the process.

There are debt limits though they are quite high. If your debts exceed them, then a Chapter 11 might be a solution. Call a Buena Park Bankruptcy Attorney today to see if you qualify.

Chapter 11 Bankruptcy

Chapter 11 is primarily a business reorganization process, though Buena Park individuals with substantial debt may find it beneficial to file. A Chapter 11 bankruptcy attorney has to formulate a plan that categorizes creditors into classes and informs creditors how the business will pay them, in what amount and how it will restructure.

Corporations, LLCs and partnerships who feel their business can still become profitable over time will seek Chapter 11 protection. If the reorganization plan is confirmed, it may continue to operate but major decisions affecting its operations and future must be court-approved.

A Buena Park bankruptcy lawyer will file progress reports and handle creditor objections and other issues during the proceeding. Not all businesses are successful, but many businesses are able to become solvent and emerge with an opportunity to continue to grow.

Call a Buena Park bankruptcy lawyer at 714-510-2647 about the different types of bankruptcy and see if you or your Buena Park business could benefit.