If feeling the pressure of uncertainty in personal financial and business affairs and struggling to meet creditor demands, many people turn to bankruptcy as the most practical solution. Stanton residents and business owners can call a Stanton bankruptcy attorney at 714-845-7813 and get advice on how bankruptcy might be for them.

There are 3 main types of bankruptcy–Chapter 7, Chapter 11 and Chapter 13. Chapter 7 is a liquidation procedure that gets rid of unsecured debt such as medical bills, department store bills and credit card charges for eligible debtors. Insolvent businesses liquidate their assets and have no further obligations toward creditors. A Stanton bankruptcy attorney will ensure most consumer debtors retain most or all of their assets.

Chapter 13 is a repayment program that can allow Stanton homeowners to keep their homes out of foreclosure or an auto from repossession while paying back creditors over time. A Stanton bankruptcy attorney can assess whether this is feasible based on your financial situation and disposable income.

Chapter 11 is a complicated repayment process that allows debtor businesses to restructure their operations while repaying creditors according to a reorganization plan. A veteran Stanton bankruptcy attorney will handle this proceeding for you and make sure you are informed every step of the way.

Chapter 7 Bankruptcy

You are eligible to file under Chapter as a consumer if your income does not exceed the state median or your disposable income is below a certain level. Have a Chapter 7 bankruptcy lawyer confirm this for you. Your debts must be primarily consumer such as credit cards, department store purchases and medical bills and personal loans. If you have few or non-exempt assets, a Chapter 7 bankruptcy lawyer may advise you of the benefits to you of filing.

Once you complete a debt counseling class and provide certain financial documents, your Chapter 7 bankruptcy lawyer can file your petition listing your financial affairs. You and your Chapter 7 bankruptcy lawyer will later meet with the bankruptcy trustee to review your petition.

Your only other obligation is to complete a financial management class arranged by your Stanton bankruptcy lawyer before you receive a final discharge of your unsecured debt about 4 to 6 months after filing.

Chapter 13 Bankruptcy

If you are ineligible for Chapter 7 or it is not advised by your Stanton bankruptcy lawyer,a Chapter 13 may be recommended. A Chapter 13 bankruptcy attorney can determine your eligibility and then review your liabilities and needs. Your Chapter 13 bankruptcy attorney will prepare a repayment plan for your creditors that can include overdue mortgage, car loan, student loan, taxes, alimony or child support payments. Secured creditors are paid first. Plans last 3 or 5 years.

Some secured debt can be set at market value by your Chapter 13 bankruptcy attorney and included in the plan. At the end of the repayment period, any unsecured debt is discharged. Ask your Chapter 13 bankruptcy attorney about lien stripping if you have a second mortgage. Call a Stanton Bankruptcy Lawyer today to see if you qualify.

Chapter 11 Bankruptcy

Corporations, LLCs and partnerships and even some individual debtors can take advantage of Chapter 11 protection with the assistance of a Chapter 11 bankruptcy attorney. Your Stanton business repays

creditors, though many will not receive full payments, under a reorganization plan filed by your Chapter 11 bankruptcy attorney that certain creditors vote to confirm or reject. The plan outlines how creditors will be paid and what restructuring is planned to reach solvency.

Though the debtor business continues its day-to-day operations, it cannot make major decisions on restructuring without court approval. A Stanton bankruptcy lawyer also prepares progress reports to the court.

Smaller Stanton businesses that file are monitored more closely but can bypass some of the formalities and emerge, if successful, more quickly from the proceeding. Get more information about Chapter 11 from a Stanton bankruptcy lawyer.