If thinking of bankruptcy, you are not alone. Millions of people in desperate or near-desperate situations have filed and found relief from crushing debt that has created anxiety, depression and loss of valuable assets in some cases. If you are experiencing severe debt issues, then call a Huntington Park bankruptcy attorney at (888) 754-9877.

A Chapter 7 is a straight bankruptcy where businesses and Huntington Park consumers can discharge unsecured and business debt. Consumers are entitled to certain exemptions that a Huntington Park bankruptcy attorney can confirm to protect their assets while businesses have its assets liquidated for the benefit of creditors.

Individuals and businesses can also elect a repayment proceeding where they pay creditors back over time and retain their assets. A Huntington Park bankruptcy attorney can explain how these proceedings work, what the eligibility criteria is and their respective obligations.

Huntington Park bankruptcy attorneys handle the 3 main types of bankruptcy:

Chapter 7 Bankruptcy

Huntington Park consumers can cancel out certain debt in Chapter 7 including credit card charges, department store bills, medical bills, repossession deficiencies, tax penalties and unpaid taxes if old enough, past due rent or utilities, payday loans and others. A Chapter 7 Bankruptcy Lawyer will confirm your eligibility based on income.

You will have certain obligations before and after filing that your Chapter 7 Bankruptcy Lawyer will explain. One is to provide financial information that your Chapter 7 Bankruptcy Lawyer will include in a petition that after filing is reviewed by a trustee at a 341 Meeting attended by you and your Chapter 7 Bankruptcy Lawyer.

In about 4 months post-filing, you will receive a discharge of your debts. Talk to a Huntington Park bankruptcy lawyer about corporate and other business dissolutions.

Chapter 13 Bankruptcy

If your income is too high or you could lose valuable assets in Chapter 7, a Chapter 13 Bankruptcy Attorney may counsel you on the wage earner’s plan of a Chapter 13. A Chapter 13 Bankruptcy Attorney drafts a plan that includes all creditors and past due payments on a home, car, student loan, taxes, alimony or child support. Other than a house, your Chapter 13 Bankruptcy Attorney can reduce the value of other secured debt to its market value for inclusion in the plan.

Chapter 13 can enable a Huntington Park homeowner to avoid foreclosure or a repossession. When the plan concludes, any unpaid unsecured debt is discharged. A Chapter 13 Bankruptcy Attorney can also assist sole proprietors in filing as well.

Chapter 11 Bankruptcy

When a Huntington Park business is struggling, it can elect to file for reorganization under Chapter 11 if so advised by a Chapter 11 Bankruptcy Lawyer. Creditors can also force businesses into involuntary bankruptcy as well.

Businesses though their Chapter 11 Bankruptcy Lawyer offer a disclosure statement containing information about the business and its strategy for attaining solvency along with the reorganization plan to creditors for confirmation

Creditors vote to confirm or reject the plan. If confirmed, the business continues operating but all major business decisions such as downsizing and re-negotiating contracts and other agreements must be approved by the bankruptcy court.

Your Huntington Park bankruptcy lawyer will file progress reports with the court and deal with creditors. Smaller Huntington Park businesses may forego some of the formalities. If advised by a Huntington Park bankruptcy lawyer, an individual can file Chapter 11 as well.

Call a Huntington Park bankruptcy lawyer at (888) 754-9877 for a consultation about whether bankruptcy is the solution for your financial situation.