Cerritos Bankruptcy Attorney
Cerritos residents contemplating bankruptcy for themselves or a business can turn to a Cerritos bankruptcy attorney for advice. A bankruptcy triggers an automatic stay stopping all creditor activity and gives debtors time to discharge certain debts, pay back others or to restructure their business.
A Chapter 7 liquidates unsecured debts and can sell off business assets or non-exempt assets of consumers or small businesses to repay creditors. Chapter 13 is a repayment process whereby secured creditors are paid back over a period of time and debtors can retain their assets. You do have to qualify for either filing so consult a Cerritos bankruptcy attorney.
Chapter 11 is filed and managed by a Cerritos bankruptcy attorney for corporations, partnerships, small businesses and even some individual debtors. It is a complicated and very intricate procedure that your Cerrito bankruptcy attorney can outline for you.
Call a Cerritos bankruptcy attorney at 562-270-1722 about the bankruptcy process. A Cerrito bankruptcy lawyer can handle any of the following chapters:
Chapter 7 Bankruptcy
Chapter 7 is also called a liquidation since you can cancel unsecured debts such as credit cards, medical bills, department store bills and personal loans with no collateral. Corporations that file must cease all operations with its assets taken by the trustee and sold with proceeds going to creditors. If a Cerritos consumer, your Chapter 7 bankruptcy lawyer can see if you qualify for filing if your income is below the state median or your disposable income is lower than a set limit.
Your Chapter 7 bankruptcy lawyer will file a petition with a set of schedules listing your assets and liabilities, income and expenditures, financial affairs and list of executory contracts and leases. You have other obligations that the Chapter 7 bankruptcy lawyer will advise you on.
About 2 to 4 weeks after filing, you and your Chapter 7 bankruptcy lawyer meet with a trustee to review the petition. If requested by the trustee, your Cerritos bankruptcy lawyer will assist you in obtaining additional financial records or documents. In most cases, a discharge is granted within about 90 days. Call a Cerritos Bankruptcy Attorney today.
Chapter 13 Bankruptcy
Cerritos residents unable to file Chapter 7 because of high income or they stand to lose significant assets may file under Chapter 13. A Chapter 13 bankruptcy attorney will assess the nature of your assets, income and debts to see if this is solution for you. The Chapter 13 bankruptcy attorney will file a repayment plan with a duration of 3 or 5 years for the trustee’s approval that can include overdue payments for your mortgage, car, student loans and child support.
Sole proprietorships can take advantage of Chapter 13 by repaying creditors. No debtor has to relinquish assets either. Your Chapter 13 bankruptcy attorney can determine if this can save your home or other assets that are secured. Contact a Cerritos Chapter 13 bankruptcy attorney about this unique solution to financial difficulties.
Chapter 11 Bankruptcy
Under Chapter 11, corporations, LLCs and partnerships striving to make ends meet can file for Chapter 11 or even may be forced into involuntary Chapter 11 by creditors. A Chapter 11 bankruptcy attorney prepares a reorganization plan that puts creditors into classes and order of priority for payment. The plan may reduce the amount paid to them. Creditor committees vote on confirming the plan that a judge must also approve if it is deemed feasible, equitable and of benefit to creditors.
Once the plan is confirmed, the debtor business continues operating but with the goal of achieving profitability by canceling contracts and leases, entering into new ones and seeking new financing sources.
Small businesses may qualify to fast track the process although the court and a trustee oversee the operations. Your Chapter 11 bankruptcy attorney can see if this is a feasible option since fees and costs can be extremely high.
Individuals with substantial debts but high net worth who do not qualify for Chapter 7 or 11 may file as well and may find this chapter more beneficial to them. A Cerritos bankruptcy lawyer can discuss this with you.
Call a Cerritos bankruptcy lawyer at 562-270-1722 about the bankruptcy process and if it could be the solution you are seeking.