Loss of a job or an accident or illness that incapacitates you can have devastating financial consequences. While you may be able to get some work, credit card and medical bills continue to mount. If you are a Norwalk business owner, a natural disaster, fire or lawsuit may have drained your business of resources, leaving you gasping and barely operating. Now may be the time to call a Norwalk bankruptcy attorney at 562-246-8281.

A Norwalk bankruptcy attorney can walk you through the various types of bankruptcy that may help you. A Chapter 7 helps Nowalk residents get rid of unsecured debt like credit card and medical bills. Small business owners may wipe out some business debts. A Norwalk bankruptcy attorney can explain eligibility and what assets may not be exempt from seizure in a filing.

Chapter 13 is for individuals who repay creditors over time pursuant to a plan based on their disposable income and amount of debts. All assets can be kept. This filing can keep a mortgage company from foreclosing on your home or prevent your car from being repossessed.

A Chapter 11 allows corporations and partnerships to keep operating while also paying back creditors in a much more complicated and involved process. An experienced Norwalk bankruptcy is needed at each stage of a Chapter 11 to properly advise you.

A Norwalk bankruptcy lawyer can help Norwalk residents who are experiencing extreme financial distress by counseling them on the three main types of bankruptcy:

Chapter 7 Bankruptcy

Consumers and small business owners can discharge unsecured debt and some business debts in a Chapter 7. If your income is below the state median or your disposable income is not too high, you may qualify. A Chapter 7 bankruptcy lawyer will also see if your valuable assets match available exemptions. A petition filed by your Chapter 7 bankruptcy lawyer lists all assets, debts, contracts, various transactions and household expenses in schedules that are submitted to the court. These will be reviewed by the trustee whom you and your Chapter 7 bankruptcy lawyer will meet about a month after filing.

Any issues that arise can usually be handled by your Chapter 7 bankruptcy lawyer. Your discharge of unsecured debt is generally granted 90 days after your meeting. Talk to a Chapter 7 bankruptcy lawyer if you have questions. Call a Norwalk Bankruptcy Lawyer today.

Chapter 13 Bankruptcy

Norwalk consumers and sole proprietors can file Chapter 13 if they have assets subject to seizure in a Chapter 7. A Chapter 13 bankruptcy attorney files a repayment plan over a 3 or 5 year period that pays back secured creditors in full. Consult your Chapter 13 bankruptcy attorney about including arrearages in mortgage payments, car loans, student loans, child support and taxes in the plan though you do have to be current on regular monthly payments.

If the plan needs revision, your Chapter 13 bankruptcy attorney can determine its feasibility. Talk to your Chapter 13 bankruptcy attorney about how Chapter 13 might be a sound solution. Call a Norwalk Bankruptcy Attorney today.

Chapter 11 Bankruptcy

A corporation, LLC or partnership can either file Chapter 11 or be forced into it by creditors. Once your Chapter 11 bankruptcy attorney files, an automatic stay goes into effect, as it does in all bankruptcies, to give consumers and businesses time to reorganize. A Chapter 11 bankruptcy attorney files a reorganization plan that certain creditors must confirm even if it has less favorable terms. Once confirmed, businesses operate as usual except that it may under court approval re-negotiate leases and contracts and sell off assets while seeking new financing. Debts can be partially repaid and others discharged. A Chapter 11 bankruptcy attorney must routinely file reports and keep the court apprised of the business’ progress.

Small businesses can be fast-tracked with the help of your Norwalk bankruptcy lawyer. They still have filing court requirements but are not as onerous.

Consult a Norwalk bankruptcy lawyer at 562-246-8281 about bankruptcy and what it can do for you. A Norwalk bankruptcy lawyer can adequately advise you and offer you professional representation.