Few of us live debt-free, whether it is a mortgage, car loan or credit card charges. But sometimes debt gets out of control, usually because of loss of employment or a devastating event like a serious illness or accident. When your debt becomes so overwhelming that there is no end in sight, call a Bell Gardens bankruptcy attorney at (888) 754-9877.

Bell Gardens consumers and businesses that file for Chapter 7 bankruptcy can wipe out unsecured debt such as credit cards, business debt, department store charges, tax penalties and unpaid taxes after a certain number of years, payday loans, repossession deficiencies, past due rent and utility payments and medical bills, among others. A Bell Gardens bankruptcy attorney can inform you on what is not dischargeable in a straight bankruptcy or Chapter 7.

A Bell Gardens bankruptcy attorney will also examine your assets to see how they match up with certain asset exemptions to see if you can retain most if not all of your personal assets.

You also have the option of a Chapter 13 if a Bell Gardens bankruptcy attorney advises you that it is your only option or that it will be of greater benefit. Businesses seeking revitalization may elect to file Chapter 11 with the assistance of a Bell Gardens bankruptcy lawyer.

Chapter 7 Bankruptcy

As indicated, you can cancel unsecured debt in Chapter 7. Bell Gardens consumers, though, must come within certain income criteria that a Chapter 7 Bankruptcy Lawyer can confirm. A Chapter 7 Bankruptcy Lawyer will also advise you on your obligations before and after filing.

Any bankruptcy has an automatic stay provision that puts a halt to all creditor activity including lawsuits and collection procedures. You will have to disclose in a petition prepared by your Chapter 7 Bankruptcy Lawyer all your financial affairs. The petition is reviewed at a hearing with the trustee attended by you and your Chapter 7 Bankruptcy Lawyer.

No other appearances are necessary. Any potential issues will be handled by your Bell Gardens bankruptcy lawyer. Your debts will be discharged in 60 to 90 days after the meeting.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may suggest that the repayment proceedings under Chapter 13 are more beneficial to your situation or that it is your only bankruptcy option. In this filing, a Chapter 13 Bankruptcy Attorney drafts a plan that includes your liabilities and arrearages for secured loans including a mortgage where you repay creditors over 3 or 5 years. You retain all of your assets during the process. Once the plan is approved, you make a single monthly payment to the trustee.

Sole proprietors from Bell Gardens can file and include any business debt if personally guaranteed. A Chapter 13 Bankruptcy Attorney can also reduce the value of any secured personal property to its market value. At the plan’s conclusion, any unpaid unsecured debt will be discharged.

Stay in touch with your Chapter 13 Bankruptcy Attorney if some event interrupts with your monthly payment for possible revisions.

Chapter 11 Bankruptcy

Troubled Bell Gardens businesses can elect to file Chapter 11, a repayment proceeding that also gives businesses an opportunity to reorganize. A Chapter 11 Bankruptcy Lawyer will file a disclosure statement giving creditors sufficient information about its restructuring strategies outlined in its reorganization plan. Creditors who will not be paid full value under the plan vote to confirm it considering its feasibility, fairness and if beneficial to them.

If confirmed, the business goes about its customary operations. Its restructuring plans, though, must be court-approved if it involves major business decisions such as downsizing, selling assets, paying certain specialists including the Chapter 11 Bankruptcy Lawyer and re-negotiating contracts and other agreements.

Individuals, on the advice of a Bell Gardens bankruptcy lawyer, may file Chapter 11 as well.

Consult with a Bell Gardens bankruptcy lawyer at (888) 754-9877 if your debt situation is nearing or is out-of- control.