No one should have to endure constant phone calls from creditors or experience anxiety over the potential loss of your home or auto. If you were layed off from work or you or a loved one are suffering from a debilitating illness or injury with medical bills piling up, you need to speak to a Lakewood bankruptcy attorney at 562-453-3743.

Business owners experiencing a downturn from a lawsuit or an investment that has not worked out can seek relief by consulting a Lakewood bankruptcy attorney as well.

For consumers in heavy debt and maxed out credit cards, department store bills and medical bills, Chapter 7 can provide protection and relief by wiping out unsecured debt. Chapter 13 can give a sole proprietorship breathing room and allow individual debtors to keep non-exempt property pursuant to a repayment plan.

Corporations, LLCs and partnerships not meeting their profit goals and struggling to pay its debts can seek reorganization under Chapter 11 with the assistance of a Lakewood bankruptcy attorney.

Not every consumer or Lakewood business qualifies to file bankruptcy or can benefit from it, but millions of people and businesses have found relief. Meet with a Lakewood bankruptcy attorney to see if bankruptcy is a solution for your financial concerns.

Chapter 7 Bankruptcy

Lakewood consumers whose income is below the state median or whose disposable income is low enough may qualify to file Chapter 7. Your Chapter 7 bankruptcy lawyer can file your petition once you complete a debt counseling class.

Once filed, all collection activity must stop so you will no longer receive creditor calls or risk loss of assets to garnishment or seizures. Within a few weeks, you and the Chapter 7 bankruptcy lawyer will attend a meeting with the trustee to review your petition that lists assets, debts, household expenses and various contracts and property transactions. Your Chapter 7 bankruptcy lawyer can help see that all is in order.

About 90 days later, your unsecured debts will be officially discharged. For many small businesses, business debt can be discharged as well but talk to a Lakewood bankruptcy lawyer first. If you are a corporate entity, assets may be sold off. Talk to a Chapter 7 bankruptcy lawyer to see if some of your assets may be seized in a Chapter 7 and if other relief should be sought.

Chapter 13 Bankruptcy

If you stand to lose valuable property in a Chapter 7 or are ineligible to file, your Chapter 13 bankruptcy attorney can explain how a wage earner’s plan can rescue your sole proprietorship, save your home from foreclosure and give you time to pay off child support, alimony and loan arrearages. Your income must still be under the state median for your household size or meet the entire means test to qualify. Your Chapter 13 bankruptcy attorney can determine this for you.

When filing, your Chapter 13 bankruptcy attorney submits a repayment plan to the trustee that includes payments to creditors over a 3 or 5 year period. Creditors like employees, tax agencies, car loans and mortgages have priority.

At the conclusion of the plan, any unsecured debt is discharged. Talk to a Chapter 13 bankruptcy attorney to see if this can work for you. Call a Lakewood Bankruptcy Lawyer today.

Chapter 11 Bankruptcy

Large Lakewood businesses in distress can look to reorganization. Corporations can also be forced into Chapter 11. At the outset, a Chapter 11 bankruptcy attorney files a reorganization plan for certain creditors’ confirmation. It must meet standards of feasibility, fairness, be of benefit to creditors and filed in good faith.

Once approved, the business continues operating but major decisions such as modifying contracts and leases, entering into new ones, selling assets or expanding operations must be approved by the bankruptcy court. Your Chapter 11 bankruptcy attorney can handle the various filing and reporting requirements.

Filing Chapter 11 is no guarantee your business will succeed. Some are sold off or merge but many businesses are able to become solvent if smart decisions are made.

If a small business, a Lakewood bankruptcy lawyer can streamline your case by fast tracking it. Consumers with substantial debt who cannot file under Chapter 7 or 13 can also file Chapter 11.

Consult a Lakewood bankruptcy lawyer at 562-453-3743 about which bankruptcy chapter may benefit you. Lakewood bankruptcy lawyers have the knowledge and experience you will need to get the proper advice and representation you deserve.