Have you decided to do something about harassing creditor phone calls, notices of potential foreclosure, repossession of your car or threatening letters from collection agencies? Is your business struggling to pay employees or vendors? If so, Downey consumers and businesses need to call a Downey bankruptcy attorney at (888) 754-9877.

There are 3 main types of bankruptcy applicable to Downey consumers and business owners. A Chapter 7 relieves debtors of consumer debt such as credit cards, medical bills, department store bills, personal loans and some taxes. Talk to a Downey bankruptcy attorney about eligibility and if you might have to surrender valuable non-exempt property.

Chapter 13 is a repayment process for sole proprietors, Downey homeowners risking foreclosure, auto repossession or potential loss of significant assets in a Chapter 7. A Downey bankruptcy attorney can assess whether this is a solution for you.

For larger businesses overwhelmed by debt but who wish to keep operating, Chapter 11 is a reorganization procedure. A Downey bankruptcy attorney will explain this complicated and intricate procedure.

Bankruptcy might be the solution to your financial woes in your personal or business affairs. Contact an experienced Downey bankruptcy lawyer about how bankruptcy could benefit you.

Chapter 7 Bankruptcy

The most common type of bankruptcy is Chapter 7. As a consumer, your income must not exceed the state median based on your household size or, if too high, have disposable income that is below a certain amount. If eligible, complete a debt counseling course before filing that your Chapter 7 Bankruptcy Lawyer can arrange.

Your Chapter 7 Bankruptcy Lawyer will file a petition for review by a trustee that lists your debts, assets, household expenses, leases and particular property transactions concerning your assets over the past 1 to 2 years. You and your Chapter 7 Bankruptcy Lawyer will then attend a meeting with your trustee to review your petition for issues. If issues arise your Chapter 7 Bankruptcy Lawyer can handle them.

Downey businesses may have their business debts discharged unless a corporation. Most debtors are granted a discharge about 4 months after filing and their unsecured debt erased. See a Downey bankruptcy lawyer to see if any property and assets might have to be surrendered.

Chapter 13 Bankruptcy

Consider Chapter 13 if a Downey sole proprietor wanting to remain open or you have substantial assets that you would surrender in a Chapter 7. Also, you could save your home from foreclosure or car from repossession, but first consult your Chapter 13 Bankruptcy Attorney about these issues.

Chapter 13 requires filing of a repayment plan by your Chapter 13 Bankruptcy Attorney for either 3 or 5 years. Certain creditors such as mortgage companies and those holding secured loans are paid first as are employees owed wages. You can include arrearages for student loans, alimony and child support.

Your Chapter 13 Bankruptcy Attorney can determine your eligibility for filing. Upon discharge, any unsecured debt is discharged. Get advice from a Chapter 13 Bankruptcy Attorney if you think you or your business may benefit from a Chapter 13.

Chapter 11 Bankruptcy

Corporations, LLCs and partnerships can file for Chapter 11 protection though small businesses and debtors with substantial debt who are not eligible to file Chapter 7 or 11 can file as well. Consult a Chapter 11 Bankruptcy Lawyer to see if this is a feasible solution for your business.

A Chapter 11 Bankruptcy Lawyer will file a reorganization plan for confirmation by creditors and equity holders. If feasible, fair and equitable and in the best interests of the creditors, it may be confirmed. Once in place, the business may conduct its usual operations but major decisions such as selling off assets or subsidiaries, expanding operations, breaking existing leases and contracts and entering into new ones must be approved by the bankruptcy court.

Small businesses may be fast tracked to avoid certain formalities and at less cost. Your Downey bankruptcy lawyer can advise you on this process.

Businesses may still be converted to Chapter 7 if not becoming profitable after a time or they may be sold or merge with other businesses. Others do survive and return to solvency.

Consult a Downey bankruptcy lawyer about the bankruptcy process at (888) 754-9877. Only an experienced and seasoned Downey bankruptcy lawyer about advise you if bankruptcy is the proper solution for you.