Cypress consumers and business owners who are facing serious financial difficulties and cannot repay creditors or come to a reasonable resolution may find relief by filing for bankruptcy. Call a Cypress bankruptcy attorney at 562-344-6095 to discuss the various options.

Bankruptcy offers different types of relief. Under Chapter 7, a Cypress consumer owing thousands of dollars to creditors may be able to discharge liabilities that have no collateral as payment for the debt such as credit cards and medical bills. These are considered unsecured debts.

If ineligible to file Chapter 7 or it does not meet your needs, then a Chapter 13 may be appropriate if a Cypress bankruptcy attorney advises it. This allows debtors to retain all assets while repaying creditors over a period of time.

For Cypress businesses that do not want to dissolve, a Chapter 11 reorganization might be their salvation. Consult a Cypress bankruptcy attorney to see if your business is a suitable candidate.

Chapter 7 Bankruptcy

Consumers have to be eligible to file any kind of bankruptcy. Your Chapter 7 bankruptcy lawyer can confirm your eligibility by matching your income or disposable income to state standards. If you qualify, your Chapter 7 bankruptcy lawyer will advise on what documents need to be filed and financial affairs disclosed. Before filing, you will need to complete a short debt counseling class.

After the Chapter 7 bankruptcy lawyer files your petition, you and your Chapter 7 bankruptcy lawyer will meet with the trustee to review your petition that was carefully prepared by your Cypress bankruptcy attorney. If any concerns arise, your Chapter 7 bankruptcy lawyer can handle them. Call a Cypress Bankruptcy Lawyer to see if you qualify.

Discharge of your unsecured liabilities is usually granted about 90 days after your trustee meeting. For corporations and most other Cypress businesses, Chapter 7 is a liquidation of assets but is done so in an ordered manner. Talk to your Cypress bankruptcy lawyer about corporate and partnership dissolution in Chapter 7.

Chapter 13 Bankruptcy

If your income is too high and/or you have too many non-exempt assets, a Chapter 13 bankruptcy attorney may advise Chapter 13. A Chapter 13 bankruptcy attorney assesses your liabilities and income and drafts a repayment plan for the trustee’s approval. Under the plan that may include past due payments on your mortgage, car, taxes or student loan, you repay creditors over the course of 3 or 5 years. Your Chapter 13 bankruptcy attorney can determine if the plan is a viable one.

A Chapter 13 can save your home from foreclosure or car from repossession. Talk to a Chapter 13 bankruptcy attorney to see if this type of bankruptcy meets your needs.

Chapter 11 Bankruptcy

If you feel your Cypress corporation or partnership can still become solvent and meet its obligations, consult a Chapter 11 bankruptcy attorney. In some cases, creditors file an involuntary petition forcing the business into Chapter 11.

Once filed, your Chapter 11 bankruptcy attorney has 4 months to file a reorganization plan, though it may be extended to 18 months for good cause. The plan offers strategies for repaying creditors, many of whom will not be paid in full, and how the business can achieve solvency through restructuring its operations and goals. While the business may continue to conduct its day-to-day business, any major decisions need court approval. This can include breaking existing contracts, renegotiating new ones on more favorable terms and closing down some operations. Your Cypress bankruptcy lawyer will keep the court informed as to the business’ progress toward sustainability.

Small businesses may file as well but are under more court supervision. Many time lines do not apply to them though they still must adhere to reporting requirements of which your Cypress bankruptcy lawyer can assure compliance.

Call a Cypress bankruptcy lawyer today at 562-344-6095 and rid yourself of financial stress and uncertainty.